Mcx silver recovering towards 39900 and 41500

Mcx silver January 2017 forecast

Mcx silver January 2017 forecast

Mcx silver future this week closed at 39125 with loss. Mcx silver after last week’s gain hit high near 39900 but saw profit booking near weekend.   Mcx silver future daily chart price trend is down but momentum is building on buying side as we seeing value buying coming on lower levels. We saw bottom low of 38300 and then strong recovery as well as short covering allies up to 39900. For month January, mcx silver might continue to recover towards 39900. Daily closing above 39900 with strong price action and volumes means bullish breakout and short term trend change for silver prices. Above 39900, mcx silver January targets will be 41500 and then 43600.   If mcx silver fails to cross 39900 level then that will result in fresh selling and mcx silver might resume primary downtrend for fresh bearish targets of 37825 and then 34200.   Mcx silver weekly chart shows downtrend and bottom support at 38300. On upside 40400 is major weekly closing hurdle for silver prices and if silver gives breakout above 40400 on strong price action on weekly basis then that will be fresh long term trend start for silver prices with price targets 47500 and above.

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Pramod Baviskar

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