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Silver (14.02.2013) to manage gain & moved lower.
Now silver is trading around 57350 ($30.77) & as we can see on charts, silver has entered in a minor descending channel which will be targeting some lower area. Continue trading below 200 SMA also supporting negative outlook for coming days. Currently it is facing a parallel support around 57130 area, if it will break we may witness a sharp fall. Candlestick pattern is negative with indicators.
Based on above studies, we will prefer to sell silver on some rise for possible targets around 56670 ($30.32) & then 55200 ($29.54). Only a day close above 58000 ($31.22) will force us to reanalyze the charts.
Guest Post from – Mantra Commodity
