Tuesday, 5 November 2013

Weekly Silver Outlook

The MCX Silver December futures have corrected after testing the higher end of the Bollinger-band on the daily charts.
Silver prices have, in fact, now slipped below the short-term moving average at Rs 48,700-odd levels.

Key momentum oscillators on the daily charts are also in favour of the bears. Hence, we may see a south-bound movement in the near term.

Silver prices in India may drop to Rs 47,000-odd levels soon.

The weekly charts also indicate support around the Rs 47,000-level. Hence, one needs to avoid shorting aggressively on the downside.

For bulls to get back, Silver prices need to sustain above Rs 48,700-odd levels.

Click Here for the weekly support and resistance levels.

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