The MCX Silver December futures is mere 2 per cent shy of its upside target of Rs 51,000-level, mentioned in the weekly outlook.
The overall bias for Silver continues to remain bullish. Key momentum oscillators and moving averages remain in favour of the bulls.
The MCX Silver is likely to trade with a positive bias as long as the white metal trades above Rs 48,250-odd levels.
Key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow are all in favour of the bulls.
The weekly momentum oscillators are also showing some signs of a turnaround. Hence, the up move may extend in the short-to-medium term.
In case, Silver sustains above Rs 50,700-odd levels, the up move can stretch to 52,200-odd levels.
Click Here for daily support and resistance levels.
The overall bias for Silver continues to remain bullish. Key momentum oscillators and moving averages remain in favour of the bulls.
The MCX Silver is likely to trade with a positive bias as long as the white metal trades above Rs 48,250-odd levels.
Key momentum oscillators like the MACD, 14-day RSI and the Stochastic Slow are all in favour of the bulls.
The weekly momentum oscillators are also showing some signs of a turnaround. Hence, the up move may extend in the short-to-medium term.
In case, Silver sustains above Rs 50,700-odd levels, the up move can stretch to 52,200-odd levels.
Click Here for daily support and resistance levels.
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