Silver MCX recent Chart developments

Silver has been trading in a down trend and now fluctuating near the descending trend line resistance which is around 55300. Strong resistance is now placed near 55300 and bulls need to produce minimum 2 consecutive closes above the same to confirm a rally towards 57500-58000 zones. Metal is trading below 10-20 days EMA on daily continuation chart which supports a short term bearish environment. RSI fluctuating under 50, in bearish territory. MACD is also hovering under zero line which hints a down trend over the short term. Immediate support is now seen near 53800 zones, any failure with daily closing would bring 53300-52800-51400 on cards. In general trend is down and stability below 55300 on daily closing basis keeps bearish scenario intact for possible targeting around 51800-51400.

Recommendation: selling silver on rallies around 54400-54600 with stop loss above 55300 (closing basis) for targeting 52800-51400 in short term.

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