Silver MCX: Technical Outlook

Silver on mcx is trading at 36850. Market is fluctuating in a narrow range and waiting for the outcome from today’s FOMC meeting. On daily chart silver has been trading in a rising parallel channel and now testing the support line of this channel. Prices are now fluctuating near 7 days EMA. 7 EMA on silver daily chart is playing very crucial role for short term trend identification. A reverse 3 is 1 bar setup is clearly visible and either side closing basis breakout from the setup bar will decide clear trend of this commodity. Silver remained in narrow range in yesterday’s trading session and formed an inside bar on daily chart. Today firs resistance will remain at 37125 any cross above this level will put focus on 37371-400 zones and any closing above these levels will confirm a trend reversal and then we will see this metal heading higher in coming days. A cross and close above 37400 will offer a primary rally towards 38000 and further stability above 38000 will bring 38500 and 38900 on the cards. Immediate support is now seen near 36650 any failure of this level will trigger some weakness for the day but overall key support will remain at 36450 and any cross and close below this level will trigger continuation in current down trend and then we will see this commodity heading towards 35800-35500 in coming days. Prices are making higher lows whereas indicator has reached in oversold territory and hitting lower low diverging price action.

Short term trading range remains among key support at 36450 and resistance at 37400.

Recommendation: Buying silver above 37135 with stop loss below 36650 for targeting 38000-38500-38900 and more upside might be appropriate for short term. Currently it is trading at 36870.

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