The price of Silver has been trading between ranges of Rs 66700 to Rs 63000 levels over the past few sessions of trade.
But as outlined in the hart above, the overall price pattern of silver has taken shape of a Bearish descending triangle pattern.
A sustained break below the key support levels outlined above will bring about severe correction in the price of silver.
The moving average clusters placed above will act as stiff resistance for the price on pullbacks.
The MACD indicator is also adding strength to the bearish argument mentioned above as it
continues to trade in sell mode even after pullbacks.
We recommend traders to sell between on a sustained break below Rs 62980 levels with a stop
loss placed above Rs 63427 levels for downside targets of Rs 62350 / Rs 62000 levels expected to be achieved in 1-2 sessions on a break below the above mentioned levels.
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