Silver future daily chart technical analysis
Silver future on Friday closed at 36025 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 35600.
Silver future on chart trading below major averages and trading at record lows. Silver daily chart indicators are off the lows but still in bearish territory.
For month of December, Silver future below 36900 will remain sell on rise and on downside technical target zones will be around 35000 and then 33500. If gives reversal and breakout above 36900 then expect sharp surge in prices up to 38200 to 40200. Traders with short positions must trail stop loss around 36700 and expect target of 35000 then possibly 33500.
Silver future weekly chart technical analysis
Silver future on weekly chart showing loss for this week. This was the second losing week for silver prices and silver is trading at record 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 recorded fresh low near 35500 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 35500. Investors can expect downside level of 35000 to 31500 ahead but use them as buying for long term investments.
Silver future monthly chart technical analysis
Silver future on monthly chart showing loss for November. This was the second losing month for silver prices and in these 2 months silver prices tumbled from top of 39500 to low of 35500 means almost 4000 rupee drop in last 2 months. And in December, downtrend might continue due to stronger rupee and rising equity markets. On downside 35000 and 31500 are historical support levels and target zones for this downside move.
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