As shown above in daily chart of Comex Silver, price have formed inside bar after a big red candle and closed on negative note. Slower retracement of the previous down move from 32.23 to 30.75 is the negative sign for this commodity. Therefore, as long as 32.50 is not taken out on upside our bias continues to negative on silver. Move below 31 will resolve the downtrend and prices can move lower till 30.30/30 levels.
Similar to Comex Silver, MCX Silver continued the sideways action in the triangle pattern and closed on negative note. 58600 will act as an immediate resistance and 57600 acting as a support. Any side of the break will provide the short term move in this commodity. Wave counts remains tricky as prices are in consolidation phase.
However we will wait for more price confirmation for more clarity on wave structure. In short, expect sideways action between the ranges of 57600-58600. A break above or below this level will indicate the direction ahead.
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Comex Silver Track Sideways, Support At $32.23
Published 02/12/2013, 01:35 AM
Updated 05/14/2017, 06:45 AM
Comex Silver Track Sideways, Support At $32.23
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