MTECHTIPS MCX SILVER INTRADAY trading analysis 04-07-2016
MTECHTIPS Mcx silver future this week closed at 46464 with huge gains. This was fifth gaining week for silver prices and in these 5 weeks we saw rally from low of 38200 to high of 46500. Total 8000 rupee or 21% plus gains in very short time. Mcx silver daily chart, price trend and momentum both are strong bullish. Silver is trading way above short term averages with overbought RSI and super bullish MACD. On downside 44050 and 42000 are support zones. While on upside 47300 and 50900 are resistances as well as target zones. Mcx silver weekly chart showing fresh long term breakout with strong price action and with strong buying volume. On chart 43000 and 39900 are support zones of major averages. On upside 50k to 55k looks as long term targets. Mcx silver weekly chart RSI is at 75 with strong bullish divergence and MACD is suggesting limited upside.