MCX Silver: Red Or Green!
CommodityOnline | Jul 01, 2013 07:37AM ET
MCX Silver futures is in the hands of the investors. He should take the decision whether to give a red or green signal for the commodity in the rallies. Traders taking sell position impacted silver prices.
Silver prices at MCX are now trading with a range bound rally around 40500-41000 levels. The commodity has failed at 41000 levels and rallied to 40800 levels. Certain fundamentals capped further loss in silver prices.
The hammer head pattern was broken at 38825 levels. The commodity had crashed last week on high sell off. Since then, the commodity is trying to form a falling wedge pattern.
The commodity should remain around 41000-41400 levels or else it may decline to 39600 levels. Breaching these levels, the commodity may witness steady rally towards 39200 levels. Commodity will face another support at these levels.
On charts, silver is showing bearish phenomenon. MACD is negative and P-ROC (Rate of Change) is at bearish territory. RSI is in sideways.
Short covering at 40200 levels may witness slight uptrend in the near term. The overall trend remains sideways for MCX silver.
MCX silver September short term: Sideways
Support: 39600, 39200
Resistance: 41400, 41600
Turn around levels: 39200-41000-41400
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