Since past few days there has been good amount of buying seen in Bullions where Silver has rose from its lower level of 35550 to the recent highs of 38370 (fut) levels.
surpassed the key psychological level of $16 per ounce which also helped the
MCX Silver to move higher.
MCX Silver was trading lower in the
form of 5 waves however post that price showed impressive rally on upside which
suggests that downside correction has probably been completed and upside leg
has taken its place. Now in order to know the crucial levels and targets for
Silver subscribe to, The Commodity
Waves STU, which covers research on Gold, Silver, Copper and Crude.
Below is the technical picture of MCX
Silver where we had shown how well we were able to capture the recent up move
before it actually happened with the help of Elliott wave theory and other
Silver 60 min May contract chart: (Anticipated on 11th April 2016)
60 min May contract chart: (Happened on
12th April 2016)
In the last trading session Silver continued the up move and closed on
the positive note at 36670 levels.
As shown in 60 mins chart, post breaking the channel resistance prices
has continued to move higher in form of overlapping nature however we will
refrain from catching a top. The recent rise indicates that prices are moving
higher in form of minor wave x. So now as long as 36000 is intact on downside
trend will continue on upside. Move above 37000 will indicate deeper
retracement on upside.
In short, Silver short term trend is positive with the support of 36000
level. Move above 37000 will be further positive sign.
Happened: Post breaking the level of 37000 prices gain further strength on upside
and moved higher towards 38600 levels. What is next from here on?
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