Silver future daily chart technical analysis
Silver future on Friday closed at 38015 with loss. On daily chart Silver future price trend and momentum both are now strong bullish. We saw breakout above 36900 and then silver achieved my given first swing target of 38200. Now next level as well as resistance zone is around 40200 for this month and that will be next target level for silver future.
Silver future given smart recovery from lows on value buying as well as sharp short covering which might continue ahead. If silver goes above 40200 then expect sharp short covering rallies and targets up to 41500 to 43500.
Silver future weekly chart technical analysis
Silver future on weekly chart showing second weekly gains. In last 2 weeks silver prices rallied from lows of 35500 to high of 38600 means 3100 rupees strong recovery on value buying from investors.
From medium to long term view, silver future in now approaching long term resistance level of 39400 rupee and above it expect long term uptrend and bullish long term targets of 43300 and then possibly 48100.
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