Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

Rally in Silver Rejected Strongly

33 sec read

Now silver is trading around $16.36 mark & as we can see on charts, silver rally was strongly rejected by descending trend line & this will be the 4th time when we have a rejection here. This shows the strength of the trend line. As well as the price are trading well below 38.2% fibonacci retracement now with RSI below 50 mark now. A major H&S is under construction & if it succeed then we may witness major downfall in silver prices in coming months.

On fundamental side, continue weak industrial demand of silver from china & other countries will keep the pressure on downside. Gold to follow too.

silver

 
Based on above studies, silver may continue with downside move towards $16 mark , followed by $15.25 in coming weeks.

Note – Above technical analysis is not a buy/sell recommendation. For recommendations visit Mantra Commodity

MCX levels -> S2(35000) S1(36050) cmp(36700) R1(37100) R2(38200)

Mantraa Commodity Mantra commodity is an analyst group involved in technical analysis of all major commodities gold, silver, crude, copper, natural gas etc. Mantra commodity serving to clients from last 7 years & made a strong bond of trust with our dedication towards work.Our main functioning area is .Technical analysis on all major commodities available HERE. Or you can write us on mantracommodity@yahoo.com HaPpY TrAdInG.

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