Silver: Immediate Resistance At 45300 Levels
CommodityOnline | Feb 11, 2014 05:39AM ET
Silver managed to show recovery in the last week, but remained in a nar-row range amid volatility. Prices have gone up after forming a base at Rs. 42280 per kg at MCX which is also the long term support level for the counter and showed recovery in the prices. However, the counter has unable to breach its immediate resistance level of Rs. 45300 per kg on daily chart and prices remained under the said level throughout the week.
Going forward, Traders can initiate fresh long position once the counter manages to hold above the key resistance level can one can set the targets of Rs. 46000 and Rs. 47000 per kg mark in near future. In the mean-time, momentum indicator RSI is standing at 48 which also suggest the further upward momentum could be seen in the prices.
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