Nifty50 having formed lower high-lower low in March has failed in its Rising Cycle. Next Wk, there's low coming in & Nifty could back test that low. It shall then form Left hand translation towards 15000 & fail in second half of April.
Is the NIFTY leading other markets to Indicate Downtrend has started. 16th Feb High formed with Negative Divergence in RSI & Since then we've seeing Lower High & Lower Lows. Note 19th Mar Nifty Declined below the Intermediate Low set on 26th Feb.
USD Index trending towards 92 bouncing off Downward Trending Channel Support Line.
Looking at Fundamentals however, the performance of the USD Index is surprising. Global stocks, crude oil and other risky assets are all bullish, and the latest moves on additional stimulus from US Democrats are all factors that should cause a weakening on the US Dollar.
Gold/Silver Ratio has dropped below support line trending since Aug'20. Technical-momentum & 50DMA pointing downwards & this ratio trending in a Downward Channel. Expect Silver reach $30 next few days.
Silver saw Signiant upswing last week & found resistance on Thu/Fri at Daily Declining Trend line. Momentum is Strong & Time Cycle also Favors Silver to Rise to 28.5 & 30 & beyond in next 2/3 weeks time