Silver prices at MCX are trading with a dream rally around 49,000-50,000 levels. High demand due to govt. measures on Indian rupee weighed on silver futures.
The commodity which recently failed to breach 42500 levels has damn recovered from lower levels. After breaching 42500, the commodity rallied to 50000 levels. This level may remain as a psychological level for silver.
The prices breached the doji pattern and rallied to 50000 levels by following a bullish flag pattern. Traders are advised to take short position as selling sentiments is to be witnessed in the near term.
The commodity should remain around 48,500-49,900 levels or else it may decline to 45,000 levels. It may witness strong support at 48,000 and 47,000 levels.
On charts, silver is showing bearish phenomenon. MACD is positive and P-ROC (Rate of Change) is at bullish territory. RSI is strong.
Profit selling at 50,000 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX silver.
MCX Silver September short term: Bullish
Support: 48000, 47000
Resistance: 50400, 51600
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Silver: Bulls Back In The Game!
Published 08/16/2013, 08:35 AM
Updated 05/14/2017, 06:45 AM
Silver: Bulls Back In The Game!
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