The MCX Silver December futures have rallied near about 7 per cent in the last two weeks.
Silver prices have now reached to its major hurdle around Rs 50,700-51,000 range.
Given the significant resistance, Silver may consolidate in the near term, with downside support around Rs 48,500-odd levels, and resistance around Rs 51,000-level.
Silver needs to break and sustain above Rs 51,000-level for fresh gains, wherein the white metal can soar to Rs 56,000-odd levels.
Key momentum oscillators on the daily and the weekly charts are in favour of the bulls. Hence, traders should look out for any dips as a buying opportunity.
Click Here for the detailed analysis.
Silver prices have now reached to its major hurdle around Rs 50,700-51,000 range.
Given the significant resistance, Silver may consolidate in the near term, with downside support around Rs 48,500-odd levels, and resistance around Rs 51,000-level.
Silver needs to break and sustain above Rs 51,000-level for fresh gains, wherein the white metal can soar to Rs 56,000-odd levels.
Key momentum oscillators on the daily and the weekly charts are in favour of the bulls. Hence, traders should look out for any dips as a buying opportunity.
Click Here for the detailed analysis.
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