Way2Wealth's report on Silver
COMEX Silver prices continued to maintain its downward bias on straight fourth weekly session and managed to close below the rising trend-line support of $16.15 levels. This indicates that the silver prices are facing the risk of more weakness in the coming sessions towards the horizontal support of $15.45 levels and slips below the same can drag it to $14.75 level. Any rise above $16.15 will be limited at $16.78 and bring selling pressure from the same.
In domestic front, MCX Silver futures are facing an immediate support at 35990 levels. On a convincing close below the same will extend the fall towards 34860 levels. However, any rise towards the weekly resistance of 37160 can be considered as a fresh selling opportunity at higher levels.
Action : SELLEntry : Around 37150Target : 35990Stop : 37845
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