As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.
Showing posts with label MCX Silver Tips. Show all posts
Showing posts with label MCX Silver Tips. Show all posts
As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.
In MCX Gold, present correction rally less likely to continue unless 27160 region gives way, this would call for a swing lower towards 26900/680 with the participation of volume . If prices win over 27160 would elevate the possibility of a turn higher against 27260/27350 initially then to 27570.
After taking support just above the lower end of daily Bollinger band i.e. 49750, Silver prices pulled back in the early session. Day’s bias expect to resume the recovery moves towards 51100/51500 or even more. An unexpected sell off below 49700 would rekindle bearishness towards 47000 lat
Though Gold managed to recover finally and closed in green but the broad negative bias is still intact. As far as MCX gold manages to hold 27700 level, a recovery move till 27850-28200 could be seen in today's trading session. A straight fall below 27350 can drag prices below 27000 level.
MCX Silver is also facing the same bearish trend. On Monday prices could not manage to close above 53000 level. Today, key support for Silver is seems to be 52450 which can cease the liquidation pressure in this precious metal. And below this level Silver may test 51900-51650 level soon. 54000 would be required to regain the bullish momentum in silver.
The present technical set up looks to be bullish towards 56200/57000 or even more, but early attempts to evolve into a rally targeting the same are expected to face the stiff resistance of 53000, which if unsuccessful would diffuse the buying momentum and the trend looks for a dip lower till 49800 levels for the day. However major falls are anticipated only a close below the strong support of
49000.
49000.
