Outlook
Buy @ cmp (33695) &
accumulate more on dips towards 33200 for upside target of 35000 / 36000; SL
below 32800 (closing basis). It is has taken support of medium term trend line.
It has formed positive reversal on RSI signaling a bounce from current levels. Silver
rose 1.2 percent to $14.01 an ounce, having ended 2015 down 11.7 percent. We
expect silver prices to trade sideways as US interest rate outlook is likely to
keep prices under pressure and short covering after slump in prices likely to
support prices.
Technical Outlook Silver Strategy
Silver mar Strategy Sideways
S2 S1
: 33100/33300
Close :
33666
R1
R2 : 34100 /34400
DAILY CHART:
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