MCX Silver has been witnessing a strong upward rally since mid-July. The rise has been absolutely in sync with our Elliott wave counts. Recently we have been able to capture the 1300 points upmove just in 4 continuous sessions with the help of Elliot wave and using Fibonacci retracement.
Below is the chart with detailed analysis published in our daily commodity report under the name- “The Commodity Waves STU”
MCX Silver Sept 60 mins chart: (Anticipated as on 17th July 2019)
MCX Silver Sept 60 mins chart: (Happened as on 19th July 2019)
Silver Sept 60 mins chart:
(Below is the extract of the research from our daily research report under the name- “The Commodity Waves STU”)
Anticipated as on 17th July 2019- On the daily chart, prices are forming higher highs and higher lows since past many sessions indicating strong positive trend. With such a strong upward rally some consolidation still cannot be ruled out.
As shown on hourly chart, prices seems to sustain its overbought region opening with huge gap ups since past few sessions and leading the metals overall. Buying on dips would be ideal strategy for into going long positions.
In short trend for MCX Silver remains sideways to positive. Move above 40300 levels would push prices towards 41000 levels as long as 40000 remain intact on downside.
Happened as on 19th July, 2019- Prices moved just as expected and made an intraday high near 41500 levels.
The above analysis shows how well supports and resistance work with Elliott wave analysis and we have a proven track record for the same. Get to know what will be the next move of Gold, Silver, Crude and other metals you can subscribe to Intraday calls on commodity and get the Elliott wave research with detailed analysis free with it. Get access here
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