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Silver Stuck In A Range And A Close Below Rs 47000

ByCommodityOnline
Published 03/04/2014, 02:03 AM
Updated 05/14/2017, 06:45 AM



Silver prices plunged sharply last week after they failed to sustain above previous week’s highs and gave up gains steeply, to form a bearish candle for the week. Bears were seen ruling the counter as they snatched the battle from bulls that have been on a roller coaster rise from past three weeks earlier. Broader picture suggest prices are stuck in a range and a close below Rs 47000/kg will attract bears to take it lower towards Rs 45500/kg.

However if prices manage to close above Rs 48500/kg, bulls are likely to take the baton to pull counter towards Rs 50000 and Rs 52500/kg. Short term indicators are also supporting buying should remain intact in the market and prices are likely to gain further in the coming few weeks or so.

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