mcx silver weekly report for 19 to 23 sep 2016

MCX.SILVER - OHLC Six Months_1w 2016-09-17 175323 Mcx silver future this week closed at closed with loss at 45258. After last 2 weeks sharp short covering rally from 43500 to highs of 46700, silver prices saw profit booking ahead of fed rate hike.   Mcx silver weekly chart price trend is turned bearish while momentum is already in bears hands. Silver is trading at 13 weeks average level and below 6 weeks average of 45600. Weekly chart indicators as well as oscillators as bearish and suggesting downside for silver future prices in upcoming weeks.   Mcx silver achieved my corrective target of 45400 and given fresh breakdown for deep downside targets of 43800 and 42300. Below 45400 trader must follow sell on rise view and expect given targets in next 1-2 weeks period. Expect sharp selloff in prices if fed rate hike happens.   For mcx commodity tips on whatsapp with real time support and follow ups visit our subscription section.

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Pramod Baviskar

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