Silver future daily chart technical analysis
Silver future on Friday closed at 37972 with huge gains. On daily chart Silver future price trend and momentum both are now turned bullish. We saw breakdown below 38550 and then free fall up to almost 35500.
Silver future on chart trading above all major averages and given smart recovery from lows on value buying as well as sharp short covering which might continue ahead.
For month of December, Silver future above 36900 will remain buy on dips and on upside 38200 and then 40200 were target zones out of which 38200 is almost done this week with high around 38000. Now watch for breakout above 38200 and then expect target of 40200.
Silver future weekly chart technical analysis
Silver future on weekly chart showing big gains for this week. This was the first big gaining week for silver prices after last 2 week’s panic sell off. On weekly chart, Silver future is now approaching major long term averages and might give breakout above them. Indicators and oscillators are with buy signals in oversold zones so investors must follow buy and accumulate strategy with long term view and for big targets.
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 35500 and given smart recovery. Now watch 39500 level for long term bullish breakout and investment targets of 43000 to 48000+.
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