The MCX Silver December futures have ended sharply below the key moving averages for the second straight week.
Key momentum oscillators like the MACD, ADX index and the Stochastic Slow also remain in favour of the bears on the weekly charts. Hence, Silver may slide all the way to Rs 42,000-odd levels, once it breaks below Rs 44,000-level.
The only ray of hope is the some sort of consolidation by the 14-day RSI on the daily charts. In case, we see a positive divergence from the Stochastic Slow we can confirm a temporary bottom for the Silver on the daily charts.
Click Here for the full analysis.
Key momentum oscillators like the MACD, ADX index and the Stochastic Slow also remain in favour of the bears on the weekly charts. Hence, Silver may slide all the way to Rs 42,000-odd levels, once it breaks below Rs 44,000-level.
The only ray of hope is the some sort of consolidation by the 14-day RSI on the daily charts. In case, we see a positive divergence from the Stochastic Slow we can confirm a temporary bottom for the Silver on the daily charts.
Click Here for the full analysis.
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