The silver market is currently in a high-volatility expansion phase. After hitting a floor near Rs. 7,622 earlier this month, the metal has established a powerful support level at Rs. 9,000. Today’s stable price action at this elevated level indicates that the market is “digesting” recent gains, forming a solid base for the next potential leg upward.
- Global Supply Deficit: Industrial demand from the “Green Tech” sector (solar panels and EVs) continues to outpace mine supply, creating a fundamental floor for silver prices.
- Currency & Hedge Demand: With gold officially crossing the Rs. 500,000 mark in Pakistan, investors are increasingly pivoting to silver as a more accessible alternative for wealth preservation against inflation.
- International Spot Correlation: Global silver is testing the $80-85/oz resistance zone. A sustained breakout there will likely push local prices toward the Rs. 10,000/tola milestone.
Immediate Support: Rs. 8,800 | Resistance: Rs. 9,150.
For long-term accumulators, any dip towards the Rs. 8,800 range represents a high-probability entry point. Short-term traders should wait for a decisive daily close above Rs. 9,100 to target higher resistance levels.