The price of Silver was trading in a broad range of Rs 60688 -- Rs 58100 levels over the past few sessions of trade. The key observation to be made on the chart above is that the price of silver has breached a key ascending trendline support as pointed out in the chart above.
Moreover, the prices couldn’t sustain above the same on pullback from lower levels. The MACD indicator is also trading in sell mode which is another bearish sign for the future price action of silver.
Thus considering the overall technical setup mentioned above, we believe that the price of silver will trade with a negative bias for the upcoming sessions of trade.
We recommend traders to sell 50% between Rs 58050—Rs 58225 levels and again on rallies to Rs 58775--Rs 58900 levels with a stop loss placed above Rs 59019 levels for downside targets of Rs 57450 / Rs 56975 levels.
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