Silver prices at MCX are witnessing a consolidation from lower levels. Volatility has turned high on buying at lower levels and subdued demand. It is now trading around 40749-43579 levels for the week.
The falling wedge pattern was broken at 43000 levels, and silver collapsed to 40749 levels on a pennant pattern. The range bound formula around 42000-44000 levels continues, as buying at dips may witness some breath for MCX Silver.
The commodity may sustain its position around 42000-44000 levels, or else it may decline to 40000 levels. If it breaks this level, a sudden decline to 38000 level is expected. The lower high and higher bottom may reflect future prices.
Silver is showing a mixed picture on the charts. The MACD is neutral and P-ROC (Rate of Change) is in sideways. The RSI is in sideways at 37.13 levels.
The medium term trend indicates that silver may breach 44500 levels on positive fundamentals, but it will fail to sustain this position tracking gold prices.
The commodity still appears at the lower Bollinger Band® levels; Stochastic is at medium levels and is declining, since investors should take sell position on rise.
MCX Silver July Medium Term: Bearish
Support: 39500, 38000
Resistance: 44200, 44500
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MCX Silver: A Bearish Pattern
Published 05/22/2013, 07:52 AM
Updated 05/14/2017, 06:45 AM
MCX Silver: A Bearish Pattern
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