MCX Silver has been in the limelight since mid-August due to its outperformance. The precious metal looks to have bottomed out near the low of36310 levels and looks to have begun a new trend on the upside. The metal has been forming new highs with every consequent session and touched a new lifetime high near 46926 levels in today’s session.
We talked about this metal in our monthly report when it was quoting near 36000 levels and were able to hint towards the emerging upmove with the help of Elliott wave combined with time cycles.
Below is the updated chart which was published in the monthly research report – “The Financial Waves monthly update.”
MCX Silver continuous weekly chart:
(Below is the glimpse of the research published in our Monthly report)
Anticipated as on 08th May 2019:In short, for Silver break above 42000 would indicate beginning of a new leg on the upside and a trending move too. We are keeping a close watch on the Time cycles as prices are nearing the cycle low it would be interesting to see if the cycle works out even this time surprising everyone by showing a strong positive move.
Silver has shown an impulsive rise since the month of July and moved precisely just as expected. Wave theory and Time cycles works extremely well when clubbed together. We can clearly see, that the correction terminated near the low of 36310 which was also near the …. weeks’ cycle low and looks like a bigger degree trend has begun on the upside.
MCX silver looks to be positive for coming weeks and further upmove is imminent. Important supports are placed near 44000 levels.
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