The price of MCX Silver recently broke the long term support line (S) at Rs.53533, and closed below the same.The price gave a sharp decline and is currently heading towards the previous low of $26.36. The medium term trend continues to look bearish for Silver, and a test of Previous low at $.26.36 (T1) level looks possible.
The 14-period RSI is sustaining below the resistance line well below the 50 mark, and is currently pointing lower which indicates bearish momentum.
Selling on rise is advisable until the price closes above the trend line (S) at $30.
The 14-period RSI is sustaining below the resistance line well below the 50 mark, and is currently pointing lower which indicates bearish momentum.
Selling on rise is advisable until the price closes above the trend line (S) at $30.
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