The MCX-silver futures contract broke its three-week sideways consolidation move in the past week. The contract surged and broke above the resistance at ₹42,650 per kg . Though the contract has come off from its intra-week high of ₹44,200, the near-term view remains positive. Supports are at ₹42,800 and ₹42,500. A rise to test the 21-week moving average resistance at ₹44,850 or even ₹45,000 is possible in the near term. A decisive break above ₹45,000 will boost the bullish momentum. Such a break can take the contract higher to ₹46,000 or even ₹46,500 thereafter. But an inability to break above ₹45,000 may trigger a corrective fall to ₹44,000 or ₹43,500. The 200-day moving average at ₹41,680 is a key support. The outlook will turn negative only if the contract declines decisively below this support. Short-term traders can go long on dips near ₹42,850. Stop-loss can be placed at ₹41,600 for the target of ₹44,800. Revise the stop-loss higher to ₹42,500 as soon as the contract moves up to ₹43,850.

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