Silver made a low near 36640 levels. However, month of September is looking good as prices of MCX Silver have managed to shine again. We have been expecting prices to move towards higher levels in overlapping manner from the lows of 36900 levels.
Below is the hourly chart of MCX Silver with detailed analysis which includes moving averages and Elliott wave technique along with Fibonacci series.
Silver Dec 60 mins chart:
(Below is the research published in our daily report published under the name of “The Commodity Waves Short Term Update”)
COMEX Silver in previous trading session witnessed a huge buying in later half of trading session and made a high near 14.57 levels. Prices are making higher highs and higher lows since past 3 trading session keeping the overall bias positive.
As shown on the hourly chart, wave b is ongoing which is forming Complex Correction pattern. Wave g is completed with the completion of first set of correction. Wave a might be completed on upside near 38390 and wave b is ongoing. A move above 38390 can take prices higher towards …………………
In short for Silver the trend remains positive and a break above the previous high has the potential of taking prices northward towards …… levels.
When prices are moving in an overlapping manner it is important to maintain proper stop to capture the whole trend. We have been mentioning in our report that an important short term low has been formed near 36640 levels.
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