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Silver

After a recent decline, Silver price has rebounded from its support lows and started trading upwards. Comex Silver price is been trading above $23 and on the other hand, MCX Silver

future started trading above 72,000 level.

Comex Silver price has sustained above key support of 200-moving average of weekly chart placed near $22 and price is remaining above $23. If price remains above this mark, it may give bullish momentum towards $25.

After a previous week's trade, Silver price has formed indecision candle at bottom on Weekly chart and remained above 50-EMA placed at 69575 which will be significant support.

Silver has formed a symmetric triangle on the daily chart and has been moving within the channel for the past several sessions. Price has held above the 200-DMA level, which stands at 70235 and will act as a crucial support level, for the past week. Additionally, following a recent correction, the price has begun trading above the 23% Fibonacci retracement line. The next obstacles are at the 50% and 61% Fibonacci retracement levels, which are located at 73625 and 74466, respectively.

The momentum indicator, RSI is started trailing above 50 on Daily and Weekly chart. Also, there is an convergence on MACD alongside declining negative histograms which suggests bullish bias in Silver price.

Gold/Silver ratio has started declining from recent peak of 85.27 and reversing towards its support of 82-78.75. This will be early indication of Bullish reversal in Silver price.

We forecast a bullish trend in silver in the ensuing session, and traders might opt to initiate

long positions around the vicinity of 74449-75550.

Buy SILVER - Dec @ 72351, add up to 72300, for the Targets of 74449-75550, with SL 71110

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