silver intraday

Silver has finally taken out 16.85, the 200 day moving average. The unit extended toward 16.56, opening up a visit to April’s low of 16.01. Bearish price action for silver has it underperforming gold again. The gold silver ratio has moved back to 53.00. Precious metals risk deeper liquidation now that longer term moving averages have been broken. Now support for the silver is seen at 23171 and below could see a test of 22950. Resistance is now likely to be seen at 23757, a move above could see prices testing 24122.

Trading Ideas:

TRADING RANGE IS 22950-24122.
SILVER IS BELOW 16.56$ CAN FIND THE SUPPORT TILL 16.22-15.96$
SELL SILVER @ 23800-900 SL 24056 TGT 23635-23522-23380-23120.MCX
BELOW 23000 IS BEARISH AS 3 TIMES PREVIOUSLY MKT HAD JUMP FROM THIS LEVEL

MCXARUN
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