The NYMEX Silver March futures are trading with a loss of 1.3 per cent around $ 16.845 as of 1630 hrs. IST.
The NYMEX Silver futures have been taking support around the 50-DMA (Daily Moving Average) at $ 16.7917 for the last three trading sessions.
Today so far, once more, the white metal contract has touched a low of $ 16.79.
As per the daily Fibonacci charts, the S-3 (support) for Silver is at $ 16.785, which has been held so far in trades.
In case, Silver March contract breaks below the $ 16.785, the next significant support is around $ 16.74, below which the white metal can slide towards the weekly S-1 (support) at $ 16.28-odd levels.
Hence, the Silver futures seem to be precariously poised in trade today. The NYMEX contract needs to sustain above $ 16.894, for fresh gains to emerge.
As per the daily Fibonacci charts, NYMEX Silver March futures are likely to seek support around $ 16.894-16.840-16.785, while face resistance around $ 17.246-17.30-17.355.
The weekly Fibonacci charts indicates support for Silver around $ 16.28-16.138-15.993, while face resistance around $ 17.20-17.343-17.487.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the ADX (Average Directional Index) and the Stochastic Slow are in favour of the bears. The 14-day RSI (Relative Strength Index), however, is in neutral mode.
Meanwhile, the MCX Silver futures too have declined over a per cent (Rs. 448) at Rs. 37,350.
The NYMEX Silver futures have been taking support around the 50-DMA (Daily Moving Average) at $ 16.7917 for the last three trading sessions.
Today so far, once more, the white metal contract has touched a low of $ 16.79.
As per the daily Fibonacci charts, the S-3 (support) for Silver is at $ 16.785, which has been held so far in trades.
In case, Silver March contract breaks below the $ 16.785, the next significant support is around $ 16.74, below which the white metal can slide towards the weekly S-1 (support) at $ 16.28-odd levels.
Hence, the Silver futures seem to be precariously poised in trade today. The NYMEX contract needs to sustain above $ 16.894, for fresh gains to emerge.
As per the daily Fibonacci charts, NYMEX Silver March futures are likely to seek support around $ 16.894-16.840-16.785, while face resistance around $ 17.246-17.30-17.355.
The weekly Fibonacci charts indicates support for Silver around $ 16.28-16.138-15.993, while face resistance around $ 17.20-17.343-17.487.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the ADX (Average Directional Index) and the Stochastic Slow are in favour of the bears. The 14-day RSI (Relative Strength Index), however, is in neutral mode.
Meanwhile, the MCX Silver futures too have declined over a per cent (Rs. 448) at Rs. 37,350.
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