Mcx silver future today trading at 39990 with gain. After last session reversal move silver prices hit my given august buy target of 39800 and now heading towards my next target of 40900 and now near 40k. On new development on US- North Korea tension we might see safe haven buying in precious metal commodity. Gold also hit 29800 just now heading for my super bullish target zones of 29900 and 30200+.
Mcx silver future opened strong for august series and then bull trap given swing low of 36935 where many shorts are still trapped. On upside 39800 and then 40900 are my bullish swing targets for august series and mcx silver done 39800 and now traders must watch for 40900 if sustain here.
Mcx silver daily chart price trend and momentum both are strong bullish and above 37600, remain buy and accumulate for upside targets. Silver daily chart setup showing prices are above all short term averages and this week sharp downside move tested all averages and given swing below them and caught another chunk of short sellers. On downside 39250 is 5 days average level, 38800 is 20 and 38600 is 50 days average level and strong support zone for this short term bullish trend. RSI is at 65 with bullish divergence and continues buy signal. MACD is with bullish divergence and with fresh rally continuation signal for big upside.
Mcx silver future on weekly chart heading towards 40500 levels with strong medium term recovery rally which might eventually turn bullish for long term if cross 40500 levels and sustain there.
From investment point of view, mcx silver looks bearish and given major breakdown in 2017 below 40500 support and hit bottom of 38000 and made fresh low at 35500 which will act as long term support now. Now after forming bottom at 35500, silver prices heading for 40500 for trend breakout for long term targets of 47500 and 56000.