Silver prices marginally up amid lackluster movement in gold, firm dollar; support at Rs 61,400
Silver prices were moderately higher on August 24 tracking subdued movement in gold and firm dollar. The precious metal had increased 2.4 percent yesterday on the COMEX.
The white metal pared losses and turned into the green after a gap-down start in the afternoon session, tracking the muted overseas cues.
The semi-precious metal has been trading lower than 20, 50, 100 and 200 days’ moving averages but higher than the 5-day moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 38.43, suggesting a bearish movement in the price.
Silver fell sharply in the last few days and we are now seeing some relief rally however the general bias is still weak owing to persistent demand concerns, said Kotak Securities.
Sriram Iyer, senior Research Analyst at Reliance Securities said, “International silver prices have started marginally weaker on Tuesday morning and early afternoon in Asian trade. Technically, LBMA Silver above the $23.00 level could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels.”