Silver future technical analysis for 19 to 23 November 2018.
Silver future daily chart technical analysis
Silver future on Friday closed at 36854 with gain. On daily chart Silver future price trend and momentum both are bearish. We saw breakdown below 38550 and then free fall up to almost 36000.
Silver future on chart came above 5 days average after sharp fall up to 36000 and now inching towards 50 and 100 days averages of 38000 and 38350.
Silver daily chart stochastics is oversold & now bullish crossover suggesting bounce back ally. Silver daily chart MACD is below zero with bearish divergence but formed temporary bottom suggesting bounce back move.
For month of November, Silver future below 38550 will remain sell on rise and on downside technical target zones will be around 37650 and then 37100 and both are done. Below 37100, next super bearish target zones were 36200 and then 35600, out of which 36200 was done in this week. Silver future hit 36200 target and now taken support around those levels and bouncing back. If slips below 36200 then expect next major support as well as bearish target around 35600. On upside 37100 to 37650 will remain strong supply zone.
Silver future weekly chart technical analysis
Silver future on weekly chart showing gain for this week. This was the first gaining week for gold prices after last 5 weeks continues sell off. In this week Silver future corrected from 36000 lows.
On weekly chart, Silver future is trading now below all major weekly averages suggesting very bearish trend and momentum from medium to long term view. On chart look like Silver topped out around 39500 and then given breakdown and hit record low of 36000 in this week.
From medium to long term view, Silver future below 39500 remain sell and accumulate and on downside targets were 35000 and then 31000. Silver future recorded low of 36000 and still looking weak but these level will be best buy zones for very long term investors so follow buy and accumulate view around those levels from pure investment point of view.
Silver future Weekly chart stochastics is came down from overbought zone with sell signal suggesting sell on rise trading strategy. Weekly chart MACD is below zero with bearish divergences.
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