Silver is losing its clutch on Gold, unaffaected by higher tops and higher bottoms in gold . As the charts indicate, silver has not recovered from the April collapse yet.
Silver prices at MCX are showing a risky bounce around 43616-44600 levels. The July contract is showing good acceleration, but the momentum is shifting to lower prices. Silver July is now trading around 43616- 44319 levels for the week.
If the commodity breaches the ascending triangle pattern, a sudden rise to higher levels is expected. The commodity could extend downside move.
The commodity should sustain its position around 45400-45890 levels. If it breaches 45900 levels, a sudden decline to 40789 levels is expected. Commodity will get strong support at these levels.
On charts, Silver is showing positive picture. MACD is quite positive and P-ROC (Rate of Change) is bullish. RSI is in sideways.
Investors taking buy position at dips may witness slight up-trend in the near term. The overall trend remains negative for MCX Silver.
MCX Silver July Medium Term: Bearish
Support: 42800, 40789
Resistance: 45400, 45900
Turn around levels: 40789-42800- 45900
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MCX Silver: Wait For The Rally!
Published 06/04/2013, 07:45 AM
Updated 05/14/2017, 06:45 AM
MCX Silver: Wait For The Rally!
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