MCX Silver price has trading negatively since the past six months forming lower tops and lower bottoms within the downward-sloping trend channel C-C1. The price has recently rebounded from trend-line support C and has been trading in a narrow range since the past 3 weeks. However, the price is likely to take support at trend-line S in the short-term and a test of horizontal resistance at Rs.42950 level could be possible.
The 14-period RSI is currently above trend-line support holding near the 50 mark which indicates a positive bias. Also a positive divergence can be seen on the chart which can be supportive for the price.
Hence it is advisable to go long on the commodity on dips for the target of Rs.42950 level in the short term.
The 14-period RSI is currently above trend-line support holding near the 50 mark which indicates a positive bias. Also a positive divergence can be seen on the chart which can be supportive for the price.
Hence it is advisable to go long on the commodity on dips for the target of Rs.42950 level in the short term.
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