Silver daily chart technical analysis
Silver future on last trading session closed at 46,362 with loss. On daily chart, silver future price trend up but momentum is bearish as correction is going on. Silver future Prices still above month and 3 month averages but significantly came down from top. Daily chart indicators are with bearish divergences and near supports.
For next week, silver support zones are 46,100 and 45,500 while on upside strong resistances at 47k and 48,200.
Short-term traders above 45,500 on closing basis keep long view for silver future and expect higher targets up to 47k to 48k. Any daily closing below 45,500 means fresh shorting opportunity for target 43,800.
Silver weekly chart technical analysis
Silver future this week closed with more than 2% loss. After last week flat negative closing, silver once again came under pressure because of profit booking. On weekly chart, silver price trend and momentum is bearish for now.
Silver is trading below is 12 months and 24 month average level while closed just above its 6 month average zone.
On upside 47,500 is 12-month average while 49,500 is 24-month average. Both are strong medium to long-term resistance levels for silver future. On downside, 44k and 43k are strong supports. Weekly chart indicators pattern are mixed.
Silver given technical bounce back and touched its 12-month average and now showing signs of downtrend continuation so expect lower levels ahead.