Technical Outlook & Trading Strategy:-
The price of silver has witnessed a smart rally over the past 3-4 sessions of trade. The upside momentum witnessed over the past few sessions has helped the prices of silver close above a significant resistance placed between the Rs 60600—Rs 60670 levels.
The near term moving averages have also been providing strong support for the prices of silver and the momentum indicators are also trading in buy mode.
We recommend traders to buy 50% now and on dips to Rs 61125--Rs 61000 levels with a stoploss placed below Rs 60867 levels for upside targets of Rs 62575 / Rs 63200 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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