Silver trading strategy: Support at Rs 86,700, resistance at Rs 91,100

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Silver trading strategy: Support at Rs 86,700, resistance at Rs 91,100 - Business Standard

Quick Summary:

Record high industrial demand, driven by its usages in EV, renewable energy, and electronics, is up 7 per cent y-o-y as the deficit in 2024 stood at 182 Moz.

The US bond yields continue to remain buoyant despite a string of subdued US data of late as traders are focusing more on the Fed’s monetary policy guidance rather than data.

A close above $30 will be quite positive for the metal; thus, volatility around this level is possible.(Disclaimer: Praveen Singh is an associate VP of fundamental currencies and commodities, Mirae Asset Sharekhan.