Key Takeaways
- MCX Silver Price slipped to Rs 2,44,815 per kg intraday after a rally, signaling profit booking.
- Spot silver price steadied at $68.98 per ounce, with a session high near $69.665 as buying interest persisted.
- Immediate support sits around Rs 2,45,000–Rs 2,44,000, with resistance seen at Rs 2,50,000–Rs 2,55,000 in the near term.
- Momentum remains bullish while RSI stays above 60 and +DI stays above -DI; traders should manage risk and watch key levels.
Profit-taking after a sharp rally in silver markets has cooled the steam around MCX Silver Price, with prices in India trading around Rs 2,45,602 per kg and dipping to an intraday low of Rs 2,44,815. The global spot silver price steadied at $68.98 per ounce, consolidating just below the $70 mark after touching a high of $69.665. In the last three sessions, MCX silver price rallied by Rs 14,178 per 10 grams, or 6.1%, supported by a weaker dollar and debt-fear dynamics lifting gold and silver. The price action also shows silver moving above key moving averages, hinting at an improved overall trend, while traders remain focused on crucial support and resistance levels that could shape the next leg of the move.
MCX Silver Price Momentum: What The Charts Are Saying
As the market digests the recent rally, the narrative around MCX Silver Price suggests that the uptrend is intact so long as the price holds above nearby supports and continues to trade above its moving averages. The RSI has crossed above the 60 mark, signaling renewed bullish momentum, and the +DI has crossed above the -DI on the ADX indicator, indicating that the bulls are gaining control over the trend.
According to Sudeep Shah of SBI Securities, Silver is now trading above key moving averages, indicating an improvement in the overall trend. The decline in the DXY could be one of the factors supporting the recent rise in silver prices. Momentum indicators have also turned favourable, with the RSI crossing above the 60 mark, signalling renewed bullish momentum.
Reference :
1 : Ndtvprofit
From a technical viewpoint, the analyst notes that the Rs 2,42,000 level is likely to act as an immediate support, and MCX silver price could extend its upward move as long as it sustains above this level. This aligns with the broader view that an improving macro backdrop, including weaker dollar dynamics, supports precious metals, particularly when industrial demand for silver remains resilient. SBI Securities’ research emphasizes that the trend remains constructive as long as price action remains above these key thresholds.
According to Ponmudi R of Enrich Money, Bias is cautiously weak, with price needing to reclaim and hold above Rs 2,48,000 to retest Rs 2,50,000, while a slip below Rs 2,44,000 risks a pullback toward Rs 2,40,000. For MCX silver price, he believes immediate support is at Rs 2,45,000 - Rs 2,44,000, with next support at Rs 2,40,000 - Rs 2,38,500. Immediate resistance is at Rs 2,50,000 - Rs 2,51,000, and a break above targets next resistance at Rs 2,54,000 - Rs 2,55,000.
Key Price Levels To Watch For MCX Silver Price
Market participants should keep a close eye on the documented levels that define the near-term risk and reward. The current price for September MCX silver futures sits at Rs 2,45,602 per kg, with an intraday low of Rs 2,44,815 per kg, reflecting a downward move of about 0.40% (Rs 995) from the previous close. Global spot silver price holds at $68.98 per ounce, after briefly trading above $69.66, underscoring the interlinked fate of the domestic and international silver markets. Over the last three sessions, the MCX silver price gained Rs 14,178 per 10 grams, a roughly 6.1% rise, as traders priced in a softer dollar alongside robust industrial demand.
| Metric | Value |
|---|---|
| Current MCX Silver Price (September futures) | Rs 2,45,602 per kg |
| Intraday Low | Rs 2,44,815 per kg |
| Session Change | -0.40% (Rs 995) |
| Spot Silver Price (Global) | $68.98 per oz (High $69.665) |
| 3-Session Rally | Rs 14,178 per 10g (6.1%) |
| Range (Aug 7–Aug 19) | Rs 2,42,000 – Rs 2,27,481 |
| RSI | 64.44 |
| Immediate Support | Rs 2,45,000 – Rs 2,44,000 |
| Next Support | Rs 2,40,000 – Rs 2,38,500 |
| Immediate Resistance | Rs 2,50,000 – Rs 2,51,000 |
| Next Resistance | Rs 2,54,000 – Rs 2,55,000 |
In this setup, traders might interpret the Rs 2,45,000 region as the immediate floor, while a move past Rs 2,51,000 could open doors toward Rs 2,54,000– Rs 2,55,000. The price also faced a historical range between Rs 2,42,000 and Rs 2,27,481 in late July and August, suggesting that the market has seen periods of consolidation before breaking out on August 21, driven by solid buying and higher volumes. RSI at 64.44 indicates strong momentum, though it remains prudent to avoid chasing extended rallies without a solid breakout above the major resistance zone.
Momentum Signals And Expert Opinions
Momentum indicators are guiding a cautious stance: the RSI’s position above 60 reflects sustained buying pressure, while the ADX signal showing +DI crossing above -DI confirms bulls are in control of the trend for now. Traders should be mindful of the potential for a pullback if prices fail to sustain above crucial supports or if the dollar strengthens again. SBI Securities’ research emphasizes that price action is now corroborating a broad-up trend, but the near-term could turn choppy if macro signals turn unfavourable.
Trading Strategies For Retail Investors
Given the current setup, a practical approach is to “buy the dip” near immediate supports around Rs 2,44,000–Rs 2,45,000, with a tighter stop below Rs 2,44,000 to manage risk. If the price holds above Rs 2,50,000 and breaks above Rs 2,54,000–Rs 2,55,000, the next target could be Rs 2,54,000–Rs 2,55,000, as indicated by the resistance cluster mentioned by analysts. For risk-aware traders, a breakout strategy above the Rs 2,55,000 zone with proper position sizing could provide a more favorable risk-reward profile than attempting to chase every intraday move. Retail investors should align these levels with broader portfolio goals and tax considerations, and consider consulting Swastika's Swastika's Sarthi AI stock assistant for institutional-grade stock research and personalized insights into your holdings and potential trades.
Related Reads
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Frequently Asked Questions
What factors influence the MCX Silver Price movement?
The MCX Silver Price movement is influenced by global silver prices, the strength of the US dollar index (DXY), industrial demand, and risk appetite. A weaker dollar often supports silver, as noted in SBI Securities research.
What are the current support and resistance levels for MCX Silver Price?
Immediate support is around Rs 2,45,000 to Rs 2,44,000, with next support at Rs 2,40,000 to Rs 2,38,500. Immediate resistance sits near Rs 2,50,000 to Rs 2,51,000, with a break above targeting Rs 2,54,000 to Rs 2,55,000.
How do momentum indicators affect the outlook for MCX Silver Price?
RSI crossing above 60 signals renewed bullish momentum, and the +DI crossing above -DI on the ADX indicator suggests bulls are gaining control, supporting a continued uptrend while price remains above key levels.
What were the recent price movements and levels for MCX silver price?
Current MCX silver price for September futures was Rs 2,45,602 per kg with an intraday low of Rs 2,44,815 per kg, and a three-session rally of Rs 14,178 per 10 grams (about 6.1%). Global spot silver price stood at $68.98 per ounce, with a session high near $69.665.
Where can I access deeper, institution-grade research on MCX price movements?
For deeper, institutional-grade research and stock analysis, you can access Swastika's Sarthi AI stock assistant.
Conclusion
In the current setup, MCX Silver Price projects a bullish bias as long as prices stay above key supports near Rs 2,44,000–Rs 2,45,000 and can extend toward Rs 2,50,000 to Rs 2,55,000 on a sustainable breakout. The onus now is on price action to confirm the breakout beyond Rs 2,50,000 and then Rs 2,54,000–Rs 2,55,000, with risk controls in place. For the retail investor, the prudent path is to adopt a range-trading mindset until a clear breakout materializes, using defined stops and position sizing to manage downside risk.
