Currently, silver has jumped back into the uptrend area. It has also broken the parallel channel in the last trading session. But, the buy is not confirmed yet. The uptrend can be resume if it remains above 0.618 of retracement level and 3/1 & 8/1.
If that happens, then you can buy for the targets of 63900 - 65100 - 65960 - 68454.
What happens if it's fake-out? That's a straightforward scenario on the above chart. MCX silver futures will come under the control of sellers in the downtrend area. It will fall nonstop for the targets of 59960 - 59400 - 58600 - 55765.
Comment
⋅
The second target of silver has reached 65100.
Comment
⋅
Don't forget to hit the LIKE button. Follow me for more EW ideas.
Comment
⋅
The third target of silver has been achieved at 65960 and made a high of 66752. Do you want more analysis on MCX analysis?