COMEX SILVER future predictions for month of October 2017

Comex silver future in month of September, closed at 16.62$ with loss. This was first losing month for comex silver future after strong gains in July and august. In September, comex silver future hit high at 18.19$ while recorded low of 16.59$ and closed near low. Total almost 1.6$ month range and weak closing for comex silver future on profit booking as well as due to return of risk on environment in equity markets.

On daily chart, comex silver is in downtrend and trading below major short term averages with bearish price pattern and indicators. On upside 17.05$ is 20, 50 and 100 days average level and major short term resistance zones. Daily chart RSI is at 33 and flat with sell signal while MACD is -0.2 with bearish divergence.

For month of October, comex silver future below 17.13$ will remain weak and bearish. On downside comex silver future will have support as well as bearish targets around 16.1$ and then 15.55$ for October series if downtrend persists. If gives reversal and gives breakout above 17.13$ then that will be strong buy signal for short covering rally up to 17.7$ to 18.7$ levels.

although all signals are bearish but to me it look like bearish trap and as indicators are near oversold territory expect sharp spurt in silver prices ahead. So wait for reversal signal and then only go long for big upside targets of 17.7$ to 18.7$ in October series. Commonly prices tend to open lower at start of month and then slowly rally build up and take pace with short covering rallies.

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The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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