Silver daily chart technical analysis
Silver future on last trading session closed at 46,205 with huge loss of 2%. On daily chart, silver closed just above its 3-month average level, which is major short-term support. On upside 46,800 is month average and 47,200 is week average and both will be now act as strong resistances. 45,800 is 3-month average on downside. Daily chart indicators pattern are very bearish and suggesting downside for silver future in next week.
Short-term traders must watch 45,800 on daily closing basis if close below it then it will be shorting opportunity with strict stop loss for target 44k to 43k. Nevertheless, if sustain above it then that will be buying opportunity for upside targets of 47k to 48k+.
Silver weekly chart technical analysis
Silver future this week closed with loss. This week silver hit high at 47,424 while low was at 45,835. Total 1600 rupees or 3% plus weekly swing and closing with loss. This will be third losing week for silver after breakout. Prices now are testing its 6-month average level. On upside 48k is 12-month average and first strong resistance on weekly chart. Above it 49,500 is 2 years average zone and next strong resistance level on chart. On downside 45,800 is 6-month average zone and first support level below that previous bottom of 43k will be final support.
Weekly chart indicators pattern are bearish and suggesting downside for silver future.
Below 48k, swing traders must keep short view here and expect downside targets of 43k and below.