Friday, 1 November 2013

Daily Silver Outlook

The MCX Silver December futures tanked over 3 per cent in trades on Thursday in line with a steep fall in international prices.
The short-term charts for the Silver are fairly in favour of the bears for now, as the 14-day RSI and the ADX index have given clear negative divergence.

Going ahead, Silver is likely to face stiff resistance around Rs 49,700-odd levels. The very near term hurdle for Silver can be around Rs 48,800-odd levels.

On the downside, Silver can slide to the long-term (200-DMA) at Rs 47,100-odd levels. The lower end of the Bollinger Band is around Rs 46,700-odd levels.

Click Here for the full analysis.

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