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Silver Witnesses Bearish Price Formation

Published 03/25/2014, 02:54 AM
Updated 05/14/2017, 06:45 AM

Silver Daily Chart

Silver showcased a massive downfall in the last week, and the counter has formed a lower-top-lower-bottom price formation on daily chart which is bearish price formation for the counter. Going forward, the momentum in the prices indicating the further downfall in the counter where in Rs. 43600 per kg could be seen as immediate support level for the counter and breaching of the same could lead the counter to further test the level of Rs 43000 per kg in the near future.

On contrary, Rs 45800 per kg could work as a strong resistance zone for the counter. In the meantime, short term indicator RSI (9) suggest the counter is under over sold zone and a short term bounce back could be seen in the prices; however, any bounce back could be seen as an opportunity to initiate fresh short positions in the counter for upcoming days.

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