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SILVER

Buy Silver @ 69550; add up to 69200, for the Targets 71900 - 72500, with SL @ 68050.

Silver price has been traded Bullish since past 6-months of 2022 and it looks like to continue this move ahead in 2023. MCX Silver future has closed at 69,413 in past week whereas LBMA Silver spot has ended 2023 at $23.93. 

(On Weekly chart, price has started trading above the support of 50-MA, placed at 61,750 since December. The price has higher high closing and tested psychological level of 70,000. We can observe Resistance around 73,000 - 74,000 on weekly chart.

(On Daily chart, price has formed Rising channel formation and price has traded within a channel since it hit the support low of 51,857 in Sep-22. The price is moving above all Key moving average of 50,100 and 200 which is placed at 64,040, 60.240 and 60,787 respectively.

(On 4-hour timeframe, we can see a Rounding Bottom formation, which having neckline resistance near 70,800. The next hurdles would be at 73,185 and 74,345 if the price broke through over this level.

The Gold — Silver ratio, which is also known as Mint ratio is in declining mode and now trailing near 76. If it continues to fall, we can see it at the support of 70 in near term which willbe positive for Silver price.

The momentum indicator, RSI, is trailing around 60 in Daily as well as Weekly chart. Also, MACDis having Bullish crossover below Zero-line with positive histogram.

In our view, MCX Silver future will move in Bullish trend and traders may go for long opportunity for the targets of 71,900 - 72,500 in near future.

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