Silver forecast 9 to 13 June 2014
Silver daily chart technical analysis
Silver future on last trading session closed at 39,997 with loss. On daily chart, silver price trend and momentum both are down. Silver is trading below major short-term averages and with oversold indicators patterns. An early rounding bottom formation is on the way suggesting recovery ahead. For next week, silver has support 39,500 and 38,000 while on upside 40,800 will be first resistance of 1 month average and 42,200 will be nest major resistance of 3 month average. As indicators are still oversold, traders must follow buy and accumulate view on decline for targets 40,800 and then 42,200.
Silver weekly chart technical analysis
Silver future this week closed with 1% gains. This week silver future hit high around 40,470 while low was at 39,465. Total 1000-rupee range or 3% volatility and closed with gains because of value buying. Silver future weekly price trend and momentum both are down. Prices are in oversold zones with recovering patterns on indicators. From medium to long term view, silver has supports around 38k and 36k while on upside 44k is 6 month average and first resistance and 45,500 is 12 month average and next strong resistance.
Long-term investors must follow buy and accumulate view here for targets 44k and then 45.5k.