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.

Silver Preparing For Upside Move – Technical Outlook

37 sec read

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.
silver

 
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.

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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6 Replies to “Silver Preparing For Upside Move – Technical Outlook”

  1. 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

      1. @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

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