Silver COMEX Technical Outlook

As we can see here in the chart provide above silver is holding the recent gains above 50 weeks exponential moving average and has covered previous week’s losses during the 2nd trading session of current week. Now silver bulls need to show more power to establish a bullish direction above areas of 32.70 to signal a bullish attempt that would help this commodity to jump towards areas of 34.30 and more upside. Failure of recent support, which is placed at 30.70, would signal a deeper correction towards 28-26 zones. MACD is losing its bullish momentum but hovering above zero line supports a bullish direction. 14 periods weekly RSI getting support at 50 line considered as bullish sentiments. Outlook will remain bullish in case of stability above 30.70 while failure would neglect these bullish expectations. Cross and close above 32.70 would be added advantage for silver bulls.

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LET THE MARKET TELL WHO WE ARE

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