MCX Silver May Witness Pullback At 54700-54900 Levels

Published 03/25/2013, 06:31 AM
Updated 05/14/2017, 06:45 AM
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MCX Silver price fell sharply last week, after testing trendline resistance R1 near Rs.55100 level, to close the week flat below Rs.54200 level. The price could now target trendline support S at Rs.53450 level, drawn by joining the lows of Rs.51200 and Rs.51660 levels. Pullback rallies towards Rs.54700-54900 area could be used as selling opportunities for the short-term.

The 14-period RSI is close to the resistance line well below the 50 mark, indicating neutral/negative price momentum.

As long as Rs.55100 is held as a resistance, we may see a test of support at Rs.53450 level on the downside.
MCX Silver

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