Silver rally rejected strongly

FX:XAGUSD   Silver / U.S. Dollar
Silver (09.14.2015) moved higher & almost kissed the $18.70 as per our last report. However strong down trade line stopped the momentum.

Now silver is trading around $16.36 mark & as we can see on charts, silver rally was strongly rejected by descending trade line & this will be the 4th point when we have a rejection here. This shows the strength of the trade line. As well as the price are trading well below 38.2% fibonacci retracement now with RSI below 50 mark now. A major H&S is under construction & if it succeed then we may witness major downfall in silver prices in coming months.

On fundamental side, continue weak industrial demand of silver from china & other countries will keep the pressure on downside. Gold to follow too.

Based on above studies, silver may continue with downside move towards $16 mark , followed by $15.25 in coming weeks.

Note - Above technical analysis is not a buy/sell recommendation. For recommendations Contact Us
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MCX levels -> S2(35000) S1(36050) cmp (36700) R1(37100) R2(38200)

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