Silver prices are experiencing a muted trading session on Thursday, largely due to the absence of directional cues from a key Asian market. With the Shanghai Stock Exchange and Hong Kong Stock Market closed for the New Year 2026 celebrations, the domestic and international silver markets are navigating without their usual benchmark.
Current Market Snapshot: COMEX Dips, MCX Holds Steady
In international markets, the real-time price for COMEX silver is currently quoting at $70.896 per ounce, marking a slight decline of 0.11% from the previous day's closing level. Back home, the Multi Commodity Exchange (MCX) silver rates concluded Wednesday's session with marginal gains. However, the white metal in the Indian market remains significantly distant from its peak, still trading approximately ₹18,000 per kg away from its all-time high of ₹2,54,174.
Expert Analysis: Critical Support and Resistance Levels
Market analysts have identified crucial price levels that could dictate silver's short-term trajectory. On the global front, COMEX silver has immediate support placed at $69.70 per ounce. Experts caution that a decisive break below this level could trigger a further decline, potentially testing the $67 and $65 levels in the near term.
The scenario is similar for the domestic market. For MCX silver rates today, the immediate support is seen at ₹2,32,000 per kg. Should prices breach this support, the precious metal may attempt to approach its next crucial support zone, which is placed in the ₹2,22,000 to ₹2,20,000 per kg range. The flat trade is directly attributed to the holiday in China, as both MCX and COMEX prices often take cues from the movement of silver on the Shanghai Stock Exchange.
Long-Term Outlook: Bullish Framework Intact
Despite the near-term pressure and lacklustre session, the longer-term perspective for silver remains optimistic. Ponmudi R, CEO at Enrich Money, shared his outlook on MCX silver rates. He stated, “Despite the near-term pressure, the longer-term bullish framework remains intact. Prices are finding initial support near the rising channel and the 20-day EMA around ₹2,08,994, with deeper declines continuing to attract accumulation interest.”
He highlighted a key resistance level that could unlock further gains. “A sustained rebound above ₹2,36,000 could trigger fresh upside toward ₹2,45,000 to ₹2,60,000 over the medium term,” Ponmudi added. His concluding advice to investors reinforces a positive stance: “The broader trend continues to favour accumulation on dips.” This suggests that any significant price drops are viewed as buying opportunities within the overarching bullish trend.
In summary, while the silver market is in a holding pattern today due to the holiday in China, experts are closely watching the defined support levels. The consensus indicates that the underlying bullish sentiment remains, advocating for strategic accumulation during price corrections for medium to long-term gains.
