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If MCX silver crossover and close below the level of 62110, it will try to hit 60000 – 58900 – 57260 levels.
Otherwise, it will take a bounce back from here and come back to the 65800 – 69200 levels.
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According to the previous data, it has breaks 2021’s support trendline. But the price has bounced off from the 200 moving average. And it’s not crossing the 0.886 value of retracement. Hence, at the present silver trading range is between 73222 – 69076 levels.
This week, silver may collapse up to 0.786 ( TP: 70660 – 70000 – 69200 ). And hurdle is 73222 level…
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Volume accumulation is confirming a downtrend. Here, the price is in a downtrend. But if you look for the short-term, silver price has started rising nearby the retracement value of 0.382. We may see a bullish reversal from the 0.236 value for 0.382 to 0.5.
MCX silver futures prices may hike to the levels of 66000 – 66600 – 67000 – 68000.
Overall, a clear trend will identify after moving averages crossover.
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Article: MCX Gold & Gold Spot Price Ready For Another Rally Attempt (1 Day Ago)
I have written in clear words, “MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 – 45300. Targets: 45560 – 45680“.
Gold has made a high of 45680 today at 5:24 PM and touched all targets.
Approx. profit: Rs.38,000 per lot
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According to the date range on MCX Silver daily chart, it’s changing the trend after every 46 bars.
If silver does not crossover 88.60% of fib retracement before completing 46 bars, we may expect a downtrend ahead. It can collapse up to 61000 to 55765. Here, targets for intraday traders: 67500 – 65600 – 63660
Or if it breaks the 88.60%, then silver will make a new high. And it will start raising & hit the following levels: 75000 – 77000 – 80000+
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Silver has broken the dynamic resistance & triangle formation. According to MA, EMA, & DMI, silver will run to reach 68800 – 69000 levels.
It will start falling after breaking the hurdle/support line. How much? 68000 – 67600 below.
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This is MCX Silver mini 15 minutes chart. I have used here moving average, Fibonacci, DMI, and RSI.
Fib Levels: T 71496 and B 65664
Silver will try to touch 0.382 (67892) from here. It will act as resistance. Moreover, there is a 50 MA. If silver breaks both, it will fly from there and touch, 68580 levels. Intraday traders can play between it.
But if it takes a U-turn from 50 MA and breaks the 20 EMA, be ready for the following targets: 67060 – 66600.
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