Silver in Bear Grip?

India Infoline News Service | Mumbai | October 22, 2017 15:33 IST

On daily chart, Silver has broken down the important support level of 40,000 and it is currently trading near 39,850 levels which is near the 60 days SMA

Silver bullion bars
On the daily chart, silver has broken down the important support level of 40,000 and it is currently trading near 39,850 levels which is near the 60 days SMA.

RSI on daily chart is also below 60 levels indicating low momentum in prices.
 
If prices are not able to sustain above 39,850 levels, then prices could drift towards 39,000/39,300 levels which is the next intermediate support level of silver.

Fundamentally speaking US dollar has strengthened on account of Trump tax– cut plan which can be negative for silver prices.

 

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