MCX Silver retreats on profit-taking after rally

WHAT HAPPENED MCX Silver slipped to 236150 INR/kg at 16:31 IST, posting a −0.23% decline from the previous close. The pullback interrupts a three-session recovery rally that had lifted silver from 229594 INR/kg on 09:33 IST to a peak of 245585 INR/kg at 10:20 IST. Gold weakness (−0.63% to 155298 INR/10g) and rupee strength (−0.41% USDINR to 95.22) are pressuring precious metals, though crude crude oil's +2.72% surge to 8201 INR/bbl shows mixed commodity momentum.

WHAT IT MEANS The modest retreat suggests profit-taking after a +6.9% rally from the week's lows. For MCX futures traders, this price action reinforces the volatile range between 229594–245585 INR/kg. Gold's heavier loss and rupee appreciation are headwinds; strength in crude signals risk appetite remains uneven. Positioning tilts cautious near intraday resistance.

WHAT TO WATCH Support at 235358 INR/kg (19:35 IST level yesterday) is the key floor. A close below this level risks testing 229594 INR/kg; a recovery above 240000 INR/kg would confirm resumed upside momentum.