MCX SILVER TREND ANALYSIS

Silver: as we can see here silver on daily chart respecting resistance of descending trend line and 50 periods simple moving average that is around 55300 silver must close above 55300 to confirm further upside. Yesterday’s sharp selling from resistance of 55300 is also supporting 55300-55400 zones as crucial resistance zones. Down side silver respecting ascending trend line support around 53800 daily close below 53800-53700 zones would trigger short term bearishness and silver may try to head towards 51800-49000 in short term. At the same time stochastic indicator turning negative that is also supporting our outlook.

Resistances: 55400-56350-57500

Supports: 54300-53700-51700

Recommendation: selling silver around 54900-55000 for targeting 53900-51800-49000 with stop loss of 55400 might be appropriate on daily closing basis.

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