Silver forecast for week 21 to 25 April
Silver daily chart technical analysis
Silver future on last trading session closed at 42,377 with gain. On daily chart, silver future price trend and momentum both are bearish. Silver is trading below short term averages with bearish indicators patterns. From short term view, silver future support zones are 42,000 and 41,000 while on upside 43,500 is 1 month average and first resistance level on daily chart while 44,500 is 3 month average and major resistance zone from short tem view. Daily chart indicators and oscillators are bearish and suggesting downside for prices in upcoming time.
Traders below 44,500 keep sell on rallies strategy for targets 42k and then 41k.
Silver weekly chart technical analysis
Silver future this week tumbled by 2%. This week silver hit high at 43,365 while low was at 41,526. Total 1800 rupee range or 3% weekly swing and closed with loss. Weekly chart silver price trend and momentum both are strong bearish and trading near historic lows.
From medium to long term view, 40k and 38k are support zones as well as targets in current situation. While on upside 45k is 6 month average and first resistance while 47k is 12 month average and next major long term resistance.
Weekly chart indicators pattern are bearish and this week closing suggesting another fresh breakdown start for silver prices.
Investors below 47k stay shows while 38k will be best investment level from very long term view.