TODAY'S SESSION RECAP
Silver led a broad selloff across MCX, closing -1.71% at ₹223,353/kg after testing ₹226,208 intraday. Crude Oil retreated -0.76% to ₹8,562/bbl despite an intraday high of ₹8,824. Gold declined -0.67% to ₹149,110/10g. Dollar strength (₹97.08 USD/INR) and persistent demand concerns—particularly from China's PMI data and global growth fears—pressured precious metals throughout the session. Copper bucked the trend with a modest +0.44% gain to ₹1,419.7/kg, while Natural Gas held flat at ₹309.7/mmBtu despite range volatility of ₹13.
HOW MCX CLOSED VS THE DAY'S RANGE
Silver closed 2,855 paise below its high of ₹226,208, retreating sharply from intraday strength into the final hour. The close near the session low of ₹221,373 signals a fading structure—buyers capitulated into close. Crude Oil similarly reversed, closing ₹262 below its ₹8,824 high, though it held above the ₹8,533 low, indicating a less severe retrace but still a mid-range close lacking conviction.
WHAT COMEX IS DOING NOW
COMEX Gold trades at 4,137.80 (-1.18%), confirming MCX's bearish direction. COMEX Silver at 60.09 (-1.77%) mirrors the weakness. WTI Crude at 89.12 (-0.36%) is softer but resilient—diverging slightly from MCX's sharper retreat. This divergence suggests overnight consolidation risk rather than fresh downside commitment at tomorrow's open.
OVERNIGHT WATCH LIST
Silver critical support: ₹221,373 (today's low); resistance ₹226,208. Crude holding ₹8,533 (session low) as floor. Monitor US crude inventory data (release time ~01:30 IST Thursday) and any Fed speakers addressing growth concerns overnight. Dollar momentum will remain the overarching driver.
Overnight watch: US crude inventory release and COMEX Gold closing direction—will determine if silver's weakness extends or stabilizes at ₹221,373 support at Thursday MCX open.