Silver rate today Live: The price ended lower on Wednesday, with the silver price today witnessing some value buying during the early morning session in the international market. The COMEX silver price opened with an upside gap and touched an intraday high of $78.875 per ounce, logging an intraday gain of around 1.50% on Thursday.
In the Indian market, the MCX silver rate witnessed strong profit-booking ahead of the Closing Bell. Finally, the white metal finished ₹7,311 lower at ₹2,51,500 per kg levels on the MCX.
Silver price today: Outlook for white metal
“The COMEX silver price is facing a minor hurdle at $79 and a crucial hurdle at $82 per ounce levels. Upon breaking above $79 decisively, the white metal may soon reach the $82 level. However, a bullish or a bearish trend can be assumed only when the white silver breaks above $82 per ounce levels on a closing basis. Once this happens, we can expect the precious bullion to touch $90 per ounce levels soon,” said Anuj Gupta, Director at Ya Wealth.
“On the lower side, the COMEX silver price has immediate support placed at $75 per ounce levels. On breaking below this support, the white metal has crucial support placed at $72. If the precious bullion dips below $72 support, then the white metal may try to touch $68 to $67 levels,” said Anuj Gupta of Ya Wealth.