Silver strategy: Buy the dips; support at Rs 87,500, resistance at 91,500

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Silver strategy: Buy the dips; support at Rs 87,500, resistance at 91,500 - Business Standard

Quick Summary:

Surging US Dollar Index and tumbling bond prices are acting as headwinds for the metal as the US rate cut pace has become somewhat uncertain in the short term.Dip buying is preferred.

Support is at $30 (Rs 87,500)/$29.60 (Rs 86,000) whereas resistance is at $31.50 (Rs 91,500) /$32 (Rs 93,000).(Disclaimer: Praveen Singh is associate vice president of fundamental currencies and commodities at Sharekhan by BNP Paribas.

The ten-year US yields at 4.10 per cent were up by 3-bps, whereas the 2-year yields slid by 0.6 per cent to 3.99 per cent.