Silver Trend analysis

As per daily chart silver is moving in rising wedge, normally these patterns are known as trend reversal pattern but some time these pattern works as trend continuation also. As per this trade setup rising wedge seen after a nice bearish move from 44.18 to 26.08. As per this chart analysis now we can expect that short term advance will remain continue till 37-37.50 this area can act as key resistance area or we can say that resistance line of this wedge can act as a nice reversal zone around 37$. For this view 34.40 will remain key support and failure of this wedge will occur below 32.75 after a break below 32.75 another sharp down move can’t be ruled out after that silver will try to taste 22$ if moves in our expected way as per this trade setup. Stochastic indicator with overbought reading is also supporting 37 zones as key reversal area.

Very short term trend will remain continue and 36.80-37.40 will be target for buyers.

34.40 will remain key support for this view, failure below 34.40 very short term fall till 33.75-33 area can’t be ruled out but real game will start only after failure below 33 key support areas.

Support:- 34.40 - 33.70 - 33.00

Resistance: 35.90 - 36.80 - 37.60

Recommendation:

Based on the charts and explanations above, we recommend hold longs with stop loss of 34.40 for expected targets around 35.90-36.80-37.60.

Selling silver on rise around 37.20-37.40 for targeting around 34.40-33-23, stop loss with four-hour closing above 38.30 might be appropriate

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