The MCX Silver December futures have closed below the short-term moving average for the fifth straight day.
The short-term bias seems clearly in favour of the bears. Hence, Silver may soon test the 200-DMA around Rs 47,000-level in the near term.
Key momentum oscillators like the MACD, ADX Index and the Stochastic Slow are all in favour of the bears.
However, prolonged downside for now is ruled out as key momentum oscillators like the RSI and the MACD are still in favour of the bulls.
The short-term charts indicate that Silver may face downward pressure as long as the white metal trades below Rs 48,800-odd levels.
Click Here for the daily support and resistance levels.
The short-term bias seems clearly in favour of the bears. Hence, Silver may soon test the 200-DMA around Rs 47,000-level in the near term.
Key momentum oscillators like the MACD, ADX Index and the Stochastic Slow are all in favour of the bears.
However, prolonged downside for now is ruled out as key momentum oscillators like the RSI and the MACD are still in favour of the bulls.
The short-term charts indicate that Silver may face downward pressure as long as the white metal trades below Rs 48,800-odd levels.
Click Here for the daily support and resistance levels.
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