Silver will touch 69200 levels this week?Is it a good time to take a long position in silver?
According to the previous data, it has breaks 2021's support trendline. But the price has bounced off from the 200 moving average. And it's not crossing the 0.886 value of retracement. Hence, at the present silver trading range is between 73222 - 69076 levels.
This week silver may collapse up to 0.786 ( TP: 70660 - 70000 - 69200 ). And hurdle is 73222 level.
Freemcxsilvertips
Intraday trading strategy for MCX SilverThis is MCX Silvermini 15 minutes chart. I have used here moving average, Fibonacci, DMI, and RSI.
Fib Levels: T 71496 and B 65664
Silver will try to touch 0.382 ( 67892 ) from here. It will act as resistance. Moreover, there is a 50 MA. If silver breaks both, it will fly from there and touch 68580 levels. Intraday traders can play between it.
But if it takes a U-turn from 50 MA and breaks the 20 EMA, be ready for the following targets: 67060 - 66600 .
MCX Silver's Next Target 65200 by the Elliott WaveHere, I have applied Elliott wave , moving average , volume , and MACD . Wave 4 can be steady or sideways for a while. Overall, silver is in an uptrend. Safe investors can buy silver at wave 4 for the following levels:
Intraday Targets: 62100 - 63300
Positional Targets: 64260 - 65200
At present, moving average and MACD throwing upward signal by crossover. Technically, multiple volume spikes are a great sign of a bullish trend.