MCX Silver Tips Today: Hit All Target 63200 to 63950 Enjoy — Neal Bhai Reports
Silver failed in the 30.00 region and is seen slipping back towards support at 21.87/64.
“The price of silver has so far come close to the 78.6% Fibonacci retracement of the September-to-February advance at 23.45, a slip through which would have the early and late October lows at 22.89/59 in its sights. Below this support area the September and November lows can be found at 21.87/64.”
“Immediate downside pressure should remain in play while silver trades below the 200-day moving average and the early March low at 24.81/92. More significant resistance can be found between the November high, January 21 high, February low, 55-day moving average and mid-March high at 25.89/26.69. While it caps we will stick to our negative stance.”