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Silver Technical outlook for intraday & short term traders

Silver March contract inched 1185 rupees down to settle at 43220. Silver closed well below key support of 43300 and witnessing a bearish flag pattern breakdown that may extend current down move towards 41500 zones. Support is now seen near 43000 failure would bring 42600-42200 and then 41600. Resistance is now seen near 43600 and then at 44500 any sustained move above 44500 would bring more charm in this commodity and then it may head towards 44900-45300 zones.

 

Trading range for the day is expected among the key support at 43000 and resistance at 45000.

 

Recommendation:

·         Today again selling silver on jumps around 43500-43700 with stop loss above 44450 for targeting 42600-41600 and more down side in short term might be appropriate.

·         In another likely scenario selling below 43000 with stop loss above 43400 for targeting 42700-42400 and more down side.

·         Buying can be taken above 45100 with stop loss below 44700 for targeting 45500-45800 and more upside might be appropriate. 

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