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MCX Silver Trade On Negative, US Silver At Lower Levels

ByCommodityOnline
Published 02/21/2013, 04:45 AM
Updated 05/14/2017, 06:45 AM
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Prices has breached simple moving average of 200 days period decisively and closed on negative note. This provides the second negative confirmation. In short, 31.20 will act as an immediate resistance. As long as prices move below this level our bias is negative and prices can move lower till 30/29.80 levels”. BANG ON!!! Comex Silver moved in lines with our expectations. In the previous week, consecutive for third trading session’s prices have formed red candle and moved lower till 29.70. 30.50 will act as an immediate resistance level.

As long as prices move below this level trend remains negative and prices can move lower till the previous low of 29.40/29.30 which was made in the month of January 2013. We have mentioned in the previous report, “Prices have ended wave iv near 59300 levels and started the next leg on downside in the form of wave v.

Earlier, 57200 was act as a strong support and now it become good resistance. In short, as long as 57200 is intact on upside our bias is negative and prices can move lower till 56100/56000 levels”. BANG ON!!! Similar to Comex Silver, MCX Silver moved exactly as expected consecutive for second time. Prices sustained below the resistance of 57200, and moved lower till 55900 l. After a steep fall Comex Silver had a positive opening in overnight and USDINR had a gap up opening in today’s trading session.

Considering both we expect a gap up opening in MCX Silver in today’s trading session. However, trend is firmly down and one can utilized a selling opportunity an every rise in precious metals. In short, as long as 56800 is intact on upside our bias is negative and prices can move lower till 55700/55400 levels.
MCX Silver
Silver Spot

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