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Silver Trading Outlook 16.05.2014Back

Silver July contract inched 631 rupees down to settle at 41717. Silver could not climb and hold above 20 days SMA whereas 10 days SMA was already below 20 days SMA keeping short term trend in bearish mode. Today support seen near 41500 and then at 41100 any sustained move below that level would bring 41100 more weakness and then we may see 40400-39500 and more down side. Resistance is now seen near 42400 and then at 43000. Any sustained move above 42400 would bring a retest to 43000 zones. Key resistance would remain at 43000 on closing basis and 2 or more closing above that level would bring some strength in this commodity and we may see 44500 and more upside.

Silver trading range for the day is expected among the key support at 41400 and resistance at 42500.

Recommendation:

 

  • Today selling silver on jumps around 42000-42200 with stop loss above 42750 for targeting 41400-40800-40400 and more down side.
  • In other scenario selling below 41500 with stop loss above 41900 for targeting 41100-40800 and more down side might be appropriate.
  • Buying above 43000 with stop loss below 42600 for targeting 43700-44100 and more upside.

 

Silver Trading Outlook 16.05.2014
 
 
 
Posted on: 16-May-2014 | Posted by: NIFM | Comment('2')
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