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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed almost flat. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 60900. The upside rally could be extending all the way up to 61500-62100 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 60300. A slide to 59700-59100 is also a possibility if the price makes or break below the current support level.

Technical Chart

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