Silver is firmly trading very close to the previous swing high 16.90 and the daily sentimental RSI continues to be positive for the 15th trading session and currently consolidating around the previous swing high reference.
Lower timeframe continues to be in negative sentiment and consolidating and trading in a tight range between 16.510 – 16.876 range. Silver is expected to maintain this range in the very short run with a possible test toward 16.51. Sustained break below 16.5 might bring further test towards 16.27
MCX Silver Short Term Outlook
MCX Silver Positional trading sentiment continues to be in the short mode since the start of the 1st Aug 2017. Resistance continues to be around 38750-38800 band and in the short run expected to test 38100-38200 band.