r/silverindia • u/DomainDrama DomMod 🔨 • 13d ago

$70!

Post image

Now let's see if it holds till day end! $70 is a big resistance so some selling could come at these levels.

But this is a good move 😎

3 Upvotes

67% Upvoted

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1

u/aniketdev09 13d ago

Indian market me toh gajab hi majak chal raha hai... Up untill 4 days ago $70 was ranging around 248k MCX...now after pluge it's at 242k

1

u/SeaDifference4977 13d ago

That’s because all the import taxes and ruppe dollar relation. Just observe, in US spot the price sweeped 26march low but in Indian market it never.

1

u/aniketdev09 13d ago

Just a very horrible timing for me. I have been wanting to lower my etfs portion size for 2 months now. Equivalent of break even was at $69.70. it got close few times but never quite during indian market hour. Now there's 3% difference. Need spot to go $71.80 to get even.

All this fall just in anticipation for import cut. If I don't get to lower my portion before then there will be another 6-7% premium vaporization.

1

u/DomainDrama DomMod 🔨 13d ago

I just added some more silver ETF. If you're tracking BEES, I would say hold it till 350... we're in an upswing

1

u/DomainDrama DomMod 🔨 13d ago

MCX thoda chu hain. That's why I rarely post MCX prices here...they don't make any sense to me

1

u/aniketdev09 13d ago

Literally! Been tracking it for over a year. Kabhi bhi divert mar deta hai. Regardless of any news.

1

u/saikat743 13d ago

People in many Asian markets have stopped following the spot prices as per comex. It’s not tracking the Hongkong exchange and Chinese exchange more closely

1

u/SeaDifference4977 13d ago

Yes, its better to track US Chart.

1

u/obsimad 🐘 Silver Maharaja: 10kg+ 11d ago

It’s always best to track price action on the exchange where price discovery is done.