Manoj Kumar Jain of Prithvifinmart Commodity Research attributed the rally to a historic technical breakout. “Silver is seeing a strong price breakout after 45 years of consolidation and prices exceeded the $55 per troy ounce level for the first time in international markets,” he said, adding that silver is currently “in the spotlight following strong industrial demand and ongoing shortages of physical material over the past four years.”Jain also pointed out a major macro trigger, saying, “Recently, the US included silver in its list of critical minerals and subsequently attracted the attention of other countries to build reserves.”
Domestic momentum has further accelerated due to currency weakness. Rahul Kalantri, Vice President Commodities at Mehta Equities, noted that the rupee’s fall to a record low against the US dollar has strengthened gold and silver prices.
He added: “Silver hits new record high amid Fed expectations and dollar index profit-taking.” On the technical side, Kalantri noted, “The technical charts for silver have become more bullish over the past week, inviting chart-based speculators to the long side of the silver market.” Further, Ponmudi R, CEO, Enrich Money highlighted, “Immediate resistance is seen at Rs. 1,79,000 – Rs. 1,80,000, and a break above this zone could push silver towards Rs. 1,81,000 – Rs. 1,85,000,” he noted. He further said that strong support for the metal remains at Rs 1,72,000 – Rs 1,68,300, and “as long as silver remains above this band, the bullish trend remains firmly in place.”
Is the Rs 2 lakh target closer than you might think?
Jain provided a short-term outlook, stating that “the current short-term trend continues and prices are likely to reach $62-65 per troy ounce this month.” About the MCX, he said, “The March silver contract is likely to test Rs 1,85,000 – Rs 1,90,000 this month. And silver is expected to touch a psychological level of Rs 2,00,000 in the domestic markets in the first quarter of 2026.”
He called the overall trend “super bullish for silver.”
International prices support the domestic outlook
From an international perspective, Apurva Sheth, head of Market Perspectives and Research at SAMCO Securities, noted that silver has formed a “classic cup and handle structure” after weeks of consolidation between $46 and $54 per ounce.
“A sustained close above the $54 mark will confirm another breakout. The high of the pattern suggests that silver has room to add around eight to nine dollars from the breakout point, opening the way to levels of $63-64/ounce,” Sheth said in his note.
The outlook for silver remains closely tied to global macroeconomic signals, the upcoming US Fed policy decision, currency movements and continued technical strength. With prices already breaching historic levels, market participants are now eyeing whether silver can scale towards the Rs 2 lakh mark in the coming weeks and months as predicted by analysts.
Also read: Silver ready for the next rally stage? This technical pattern indicates upside potential up to $9
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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