MCX silver continues to trade in a narrow band of 55500
to 53890 since couple of weeks now which is very much reflected by the
Bollinger bands which have narrowed a lot. At present silver is trading
near the downtrend line resistance failing to surpass it can get it back
to the lower end of the channel i.e. 50500 levels, hence one needs to
be quite cautious on long side from hereon. The sell signal will be
triggered below 53890 levels only, hence till it is trading in a range
the positional traders should avoid any positions, whereas the momentum
traders can sell around higher end and buy around lower end. Above 55500
it will clearly provide a breakout on the upside which can then take
prices till Rs 58360 to Rs 59000 levels
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