silver forecast for 2 to 6 sep 2013

silver forecast for 2 to 6 sep 2013

silver daily chart technical analysis

mcx silver future last closed at 53864 with loss.on daily chart trend is up but momentum is losing out on account of profit booking.

on daily chart,mcx silver future closed below week average of 55k and top of 58k remain as strong resistance for upcoming period.on downside 50k is mcx silver month average and 47k is 3 month average.

on indicators,mcx silver cci is +79 and with bearish corrective pattern.while rsi is at 68 and with corrective pattern.


silver weekly chart technical analysis

mcx silver future this week closed with almost 1% gains.this week mcx silver future made high near 60k while low was near 6600 rupee week rally from bottom and closed with significant loss of gains.almost 13-14% gains seen but closed with 1% only.

though this was 6th week of gains and in these 6 weeks mcx silver future rallied from 41k to 19k which is almost 45% gains in very short 51k is mcx silver 2 years average level and strong support while 50k is 12 month average and 48k is 6 month average and all remain as supports on any fall.

on upside 55k-58k and 60k are major resistances on weekly chart.on indicators mcx silver weekly chart cci is +148 and heading towards 200 levels with bullish divergence.while rsi is at 55 and with buy signal.

silver forecast for 2 to 6 sep 2013

for next week,50-48 is buying or re entry zone for bull on correction.on upside 55k-58 remain as targets for short term view.margin increase cut down speculative positions but that is good as market remain in strong hands.volatility remain high so trading remain to difficult.

from medium to long term view,after some cool off we may see rally will pick and show 58k-60k and then ultimate target of 65k in longer below 50k for more than 2 weeks means again downtrend and downside targets of 45k and then 38k.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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