Silver Technical Outlook

Silver spot has been trading in a descending parallel channel and now breaking through rising support of ascending triangle pattern within this channel indicating resumption to bearish direction. However a bullish crossover has happened on short term and long term moving averages but no follow up buying seen and reversal occurred from resistance line of descending channel. MACD is hovering near zero and any move below zero would be added advantage for silver bears. Immediate support is now seen near 19.40 and any failure below this level would call for a retest to 18.90 zones. 18.30 zones. Key support remains at 18 and any failure below 18 would bring 17-16.70 on cards. Resistance is now placed at 20.10 and then at 20.60 any sustained move above 20.60 would neglect bearish expectations in this metal and then recovery can’t be ruled out for retest to 22 and more upside.

Recommendation: selling silver on jumps around 19.70-19.90 with stop loss above 20.30 for targeting 18.90-18.30 and more down side might be appropriate in short term.

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