Silver prices dropped slightly as gold struggled for direction

Silver prices fell on August 5 in the form of reduced gold levels and concerns over declining industrial demand. Precious metal fell 0.5 percent yesterday in COMEX.

The white metal traded in red after the opening of the gap in the afternoon program, followed by a weak ground trend.

The precious metal traded below 5, 20, 50 and 100 moving averages but higher than the 200 day moving averages on the daily chart. The Relative Strength Index (RSI) index is at 45.55, indicating a bearish movement in price.

The Silvers saw a pleasant trade as gold fought for direction amid the uncertainty of the Fed while industrial metals were under pressure from China’s decline, Kotak Securities said. The brokerage however expects gold to hold above a significant level of $ 1,800 / oz and this could keep the silver down again.

The silver hold on iShares ETF was unchanged at 17,202.02 tons. The NAV Fund sells at a 1.08 percent discount.

The US dollar index was slightly lower at 92.24, down 0.03 percent compared to a large cross in the afternoon session.

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Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “The price of silver countries is trading slightly until Thursday afternoon in Asia. Technically, LBMA Silver holds a 21-Daily Moving Average resistance at $ 25.65 and below which could see a decline to levels of $ 25.10- $ 24.30. Resistance levels are $ 25.77- $ 26.00. ”

“Domestic silver prices are on sale until slightly weaker on Thursday afternoon. Technically, MCX Silver September holds resistance at 68200-69000 levels. Support at levels 67100-66700 ”, notes Iyer.

The local gold / silver rating currently stands at 71.26 to 1 indicating that the gold has surpassed the silver.

IMCX Bulldesk dropped by 12 points, or 0.08 percent, to 14,585 in 15:22. The indicator tracks the real-time performance of the future of MCX Gold and MCX Silver.

In the futures market, the September delivery silver hit a high intraday of Rs 67,607 and a low Rs 67,250 per MCX. So far in the current series, the precious metal has touched a low value of Rs 65,656 and a high of Rs 75,215.

The silver delivery of the September contract slides Rs 86, or 0.13 percent to Rs 67,515 per kg in 15:28 hours with a business profit of 8,876 lots. The December contract equity decreased by Rs 105, or 0.15 per cent, to Rs 68,459 per kg with a profit of 2,236 lots.

The total number of September and December contracts sold so far is Rs 459.94 crore and Rs 43.88, respectively.

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Similarly, August’s Silver Mini contract slipped to Rs 120, or 0.18 percent to Rs 67,680 with a business profit of 17,633 lots.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “IMCX Silver has been trading separately since this morning. The LBMA Silver spot tried to jump below the $ 25 psychological mark last session but never ended below that level. Resistance will be to the 15-SMA hour chart set near Rs 67,958 and the main support holds approximately Rs 67,500. ”
At 1005 (GMT), precious metals were down 0.15 percent and quoted from $ 25.42 an ounce in New York.

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