Silver trading on the sideways on Wednesday ahead on Important data from US.
Silver March contract inched 334 rupees down to settle at 44138. Metal closed near key support of 44000. Today price objective for bulls would be 44472 any sustained move above that level would bring 45000-45400 and more upside on cards. Support is now seen near 43830 any sustained move below 43830 would open the doors for a retest to 43300 and more down side. Stochastic producing oversold reading and would bring higher fluctuation in this metal. Itâ€™s time to avoid fresh shorts in this metal.
Trading range for the day is expected among the key support at 43400 and resistance at 45800.
Â· Selling silver on jumps around 44900-45100 with stop loss above 45750 for targeting 43900-43300 and more down side might be appropriate in short term.
Â· High risk traders can look for selling opportunity below 43800 with stop loss above 44100 for targeting 43500-43300 and more down side.
Â· In alternative scenario buying silver above 46100 with stop loss below 45700 for targeting 46600-47000 and more upside.
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