Silver Tips

Silver, as expected, logged smart gains in the week under review. The white metal soared over 4 per cent to Rs 63,633. It may be recalled that in the last two weekly outlooks we had given a target of Rs 64,500 to Rs 66,000 for the December Silver futures.

With the expiry nearing, one can at least bet on a target of Rs 64,500 for the Silver December futures in the next week. The momentum oscillators continue to remain positive hence the March futures may log solid gains.

Given the sharp near support levels are at significantly lower levels. One should refer to Rs 62,300 as the first key support on the December futures, below which Silver can slide to Rs 61,000-odd levels.

As per the weekly Fibonacci charts, Silver MCX March futures may face resistance around Rs 66,465-66,800-67,135, while seek support around Rs 64,315-63,985-63,645.

The corresponding key support and resistance level for Silver Micro February futures are as follows. Support at Rs 64,345-64,000-63,670, while resistance around Rs 66,500-66,840-67,175.