Silver future daily chart analysis
Silver future on Friday closed at 38362 with gain. On daily chart Silver future price trend and momentum both are strong bearish. In this week silver future was up for 3 day and down for 2 days with recovery move. Mcx silver future given breakdown around 39850 and hit my bearish swing targets of 38700 and then 37900 rupees. Below 38k, silver future will enter super bearish trend and will show levels of 36900 to 36200 rupees. But taken support around 37900 and hit 38500 recovery target and now next recovery level will be around 39700.
Silver future weekly chart analysis
Silver future on weekly chart showing first big weekly gain. This week we saw almost 800 rupee range and positive closing on recovery buying.
From long term view, mcx silver future below 38750 support zone will remain sell and accumulate and expect targets of 35800 and then possibly 33k in this year. We saw upside up to 41k this year but silver prices failed to sustain and then we saw breakdown and prices are heading lower. Investors below 35800 follow buy and accumulate investment strategy for targets 42k to 45k in longer terms.
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