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.
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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.
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(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.
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Silver done 1st target $20.55.