Silver Report : Comex Silver spot has traded within a tight range of $30.30 - $31.50 over the course of past couple of weeks by Choice Broking
Comex Silver spot has traded within a tight range of $30.30 - $31.50 over the course of past couple of weeks. The price has breakout the range hurdle in this week however found resistance at $32.32 after steep profit-booking. On downside, crucial support would be at $29.64.
After a mild correction from the peak, Dollar Index (DXY) has resumed its upward momentum after finding support at 105.11. The Gold / Silver ratio, which is also known as Mint Ratio has remained stable over 86 level.
MCX Silver March future has traded in Rising channel formation on Weekly chart. The price has remained over all key averages i.e. 50, 100 and 200-DMA levels placed at 91,552, 90,037 and 86,688 respectively. Daily SAR (Stop & Reverse) level is placed at 90,897. On the other hand, key hurdle is placed at 97,344 and breaching of this level will accelerate upward momentum in Silver and next hurdle would be at 100,081. The Relative Strength Index (RSI) on all major timeframes is above the 50 level, indicating bullish sentiment.
The outlook for Silver is Sideways to Bullish. Traders are recommended to buy Silver at the current market price or on dips to 90,900. A stop-loss can be placed below 85,300 and a target of 103,000.
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