When will the poverty status of global silver change…? From October- December, Silver was in a wonderful rally around 65000 levels. The commodity then started to collapse as soon as 2013 kicked off. As Globex Silver collapsed, there was no hand for MCX Silver as it took the path of Globex.
Silver prices at MCX are trading at lower levels. Volatility of the commodity has been lost as fundamentals are still in the bearish territory.
The bearish Wedge pattern from January continue,s as correction is shown at several levels. Any chance of breaking the flag range may shift the commodity into the bullish sector.
On the MCX charts, silver is witnessing a bearish picture. The commodity is still below the 20 day SMA at 54765 levels. MACD is inching to neutral levels and Rate of change oscillator is at negative momentum. RSI range has sustained at a neutral trend moving sideways to a lower price.
Stochastic is at medium levels.
If silver breaches 55934 levels, a steady decline to 54100 levels is expected. Strong support is now seen 53900 levels. The Globex factor has also exerted pressure on MCX prices.
On Comex charts, Silver is witnessing a mixed phenomenon. The commodity is trading around 20 day SMA at 29.68 levels. MACD is neutral and prices are at upper Bollinger levels. The stochastic are still at medium levels. Exponential indicator has shown recovery in the short term.
Base support is at 28.00 levels, if the commodity moves below 28.65 levels. The actual forecast is showing a bull rally towards 30 levels.
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A Bearish Scenario For Silver On The MCX Charts
Published 03/24/2013, 03:05 AM
Updated 05/14/2017, 06:45 AM
A Bearish Scenario For Silver On The MCX Charts
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