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Technical Analysis
Silver Technical Outlook for short term 5.8.2014
Posted by
05-Aug-14 02:02PM
Silver September contract inched 306 rupees down to settle at 44121. Silver settled with negative note. Silver has fallen below 10 and 20 days SMA and 10 days SMA has also fallen below 20 days SMA and indicates a retest to 50 days SMA that stands near 43600 zones. Today price objective for bulls would be 44800 any recovery above that level may bring some charm back in this commodity and then we may see 45200-45700 on cards. Key resistance remains at 463400. Support is now seen near 44000 and then at 43700 any sustained move below that level would bring more weakness and then we may see a decline towards 43300 zones.
Silver trading range for the day is expected among the key support at 44250 and resistance at 44800.
Recommendation:
In alternative scenario selling below 44250 with stop loss above 44500 for targeting 43800-43400 and more down side might be appropriate
Today buying silver above 44800 with stop loss below 44500 for targeting 45200-45700 and more upside might be appropriate.
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