Mcx silver future this week closed with loss. This week silver given reversal from major average on weekly chart which is very bearish signal for silver future in medium to long term view.
This week silver future hit high around 35988 while low was at 34551. Total 1500 rupee weekly range and closed with loss. With this week negative closing look like silver future resumed its primary downtrend and recovery phase is now over. Mcx silver weekly RSI is at 46 with bearish divergence suggesting lower levels for silver prices in medium to long terms.
Here traders keep sell on rise view with stop loss. 35500-36k is best zone for short entry with stop loss. For target 34800 and then 33500. On monthly chart silver future looks bullish so for long term investors these downside levels are best accumulation opportunities for minimum target of 39k.