Silver technical Updates

[owais]

Today's break of 11.830 level along with trend-line resistance and former support from late April along the way now suggests we're likely to see a larger-degree corrective recovery with respect to the major 15.240 to 9.470, May-Jun decline.

The 50% retracement of that decline reside at 12.355 and is a viable objective for a near-term rebound, but with scope for 13.036, the 61.8% retracement thereafter.

Support now cuts in at 11.240, the low from Jul 31 and this is now the minimum level that would need to break to reinstate our preferred broader bearish view to re-focus attention on 10.450, the base from Jul 19.

Adopt a cautiously bullish bias near-term above 11.240, allowing for further corrective gains towards 12.355.

 

[Qwerty321]

Thanks
I am right that now, when 12.355 has been hit, and we are above now, that we should go to 13,036?

 

[owais]

Hye sir,
How are you?
Right now we see 12.355 for Silver,
So lets see if it crosses and goes to 13.036, Well we dont expect Such Heavy Movements today, as most of the traders awaiting for Aug8.
However, we shall Advice.
Thanks
Owais

 

[Qwerty321]

'evening sir
I'm fine thanks. At the moment I see that silver hit 12,10 and gone up a little bit. Hope it rises further. (I'm having a long position)

 

[owais]

Yes Sir,
Dont Panick.
Its just we have Traders Organizing there Protfolio today, Closing positions, some entering.
So thats why we dont have Much movements, and playing in tight ranges

Tommorrow (Aug8) is a Big day, And Heavy Liquidty trading will happen.

We shall Advice further.
Thanks

 

[Qwerty321]

Yeah, it is about what the FED is going to say. At the moment a 'little big' descent, but I have good hopes for the near term

 

[owais]

As we did mention Earlier, Mostly the market has awaited for this BIG week.
Keep visiting our Posts, and site, and there is So much more to come for you all.
Cheers