Mcxsilver
silver at make or break levels]silver looks week on weekly and daily chart.
RSI on weekly and daily are week.
although silver trades at support line and global data looks +ve . one would wait before any trade but with weak silver bias.
NOTE: Festive season is ahead so silver can show some volatile move.
SILVER VIEW Silver right now in consolidation phase and at strong support zone important levels r marked on the chart . Right now we can buy for $29 and $32 in short term if price remain above 200 day EMA (Can be use as SL) .
Expecting Pull back from the current level as we have already seen demand in past at current level .
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.
MCX Silver Will Touch 68000?Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 - 66600 - 67000 - 68000 .
Overall, a clear trend will identify after moving averages crossover.
MCX SILVER- Forecasting The Future MoveHere's the daily chart of the MCX SILVER. It started to rise from the 18th of March 2020. But currently, it's moving downside. It's a short time fall. After the particular level, it will start to move upside again. It may fall up to the support. And from that point, there will be a reversal in the trend. Targets for the future upside movement of the trend are the following 66000 - 69600 .
But if it falls by crossing the support, then it will hit the 57900 . After hitting 57900, there will be a reversal in the trend. If the trend crosses the 57900 , then this level will react as the hurdle. The targets for the downside movement are the following 55930 - 55000 .
HOLD SILVER ABOVE 68,000 AND GO BEARISH BELOW 67,300 AS PER FIBONACCI ANALYSIS, SILVER CAN GIVE GOOD MOMENTUM IF SUSTAIN ON 68,000 LEVEL,
HOLD IF SUSTAIN ON 68
BULL TGT 69,900
BEAR TGT65,700
GO SHORT IF BREAK BELOW 67,300
Feel Free To Ask For Any Technical/Fundamental Query
Comment Down Below
EDUCATIONAL PURPOSE ONLY.