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% now with below 50 mark now. A major 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 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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