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.
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)