Silver (17.12.2013) traded in tight range from last few weeks & probably building a support area.
Now silver is trading around $19.78 & as we can see on charts silver fall sharply with gold in last weeks, even little more compare to gold. Meanwhile it touched the 161.8% feb correction area of the last ascending wave around $18.86 & bounced back. However the bounce was restricted at 38.2% correction. The current downside move can be consider as a correction due to inside candlestick pattern & over bought indicators on small time frame. At the same time we also witness a upside channel inside the medium term descending channel, which suggest for more upside move in coming weeks. Candlestick pattern is positive while indicators are neutral now.
On fundamental side coming FOMC event will play important role. Expecting again a no result event from fomc & could delay tapering for new year,
Based on above studies, we will prefer to buy silver for possible targets around $20.55 & then may be $21.44. Only a day close below $18.86 will delay the forecast.
Related Readings and Observations
Rally in Silver Rejected Strongly 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 […]
Gold Monetization Scheme – Will it Lead to Further Fall in Gold prices? Recently, Indian govt announced a particular scheme in their budget notes which took a lot of attention, especially gold merchants and speculators. With gold prices tumbling since last […]
Trading the Volatile Markets with this simple technical strategy. If you are a regular reader of my articles, then you know “I hate technical indicators”. They are a derivative of price action, nothing more than a mathematical complex paralysis. My […]
Will 2015 be a Year of Silver Bulls? Fundamental remains very weak for silver from last few months, gold with bad performance in 2014 kept pressure on silver as well as slowdown in leading manufacturing economy china slashes […]
Commodity Investors should watch out! – Secular Bear market Out with the old: Super Commodities such as Gold, Silver,Oil etc are in a so-called secular bear market that may stretch for years.Remember the commodities supercycle, that seemingly […]
Daily Commodity Technical Analysis Overview – 3rd Nov 2014 Gold consolidating after sharp fall & trying to retest the broken support level turned into resistance. WE may witness more weakness as far as $1182 area remains as EOD resistance.
Dear ,
The FOMC Statement hampered your prediction.
There seems to be a break out in the four hour time frame(World Market) for silver and could posibaly force it downwards.
It has already hit the week low in the world market.
Regards,
Ravi
Silver Spot(weekly) breakout of triangle…target is $ 15-16
hmm…thanks for your opinions.
http://prntscr.com/2enog6
(Sir.. Mai Market me new hu but try to study technical analysis.
silver buying rakh du to target(MCX) kya consider karu and stoploss?)
Have A Happy Life.
@tejas, comex report already posted. Mcx levels need more attention due to many inside factors. Still 42300 looks support while 47300 can set as target.
We manage a/cs for clients. you can call on 09926302200 / 08889034986 for details
Silver done 1st target $20.55.