Silver moved higher today and almost kissed the $18.70 as per our last report. However strong down trade line stopped the momentum.
Now silver is trading around the $16.36 mark and as we can see on charts, silver rally was strongly rejected by descending trade line. This will be the 4th point when we have a rejection here. This shows the strength of the trade line. The price is trading well below 38.2% fibonacci retracement now with RSI below 50 mark now. A major H&S is under construction and if it succeeds, we may witness major downfall in silver prices in the coming months.
On the fundamental side, continuing weak industrial demand of silver from china and other countries will keep the pressure on downside. Gold to follow too.
Based on above studies, silver may continue with a downside move towards $16 mark, followed by $15.25 in coming weeks.
MCX levels -> S2(35000) S1(36050) cmp(36700) R1(37100) R2(38200)
DISCLAIMER: Above technical analysis is not a buy/ sell recommendation.
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Silver Rally Rejected Strongly
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