Page 28 - Bullion World Volume 02 Issue 11 November 2022_Neat

Bullion World | Volume 2 | Issue 11 | November 2022

board have also maintained that weeks but recently previous swing the weekly chart, c (the vicinity of
borrowing prices must be restricted highs have been taken out decisively 61.8% retracement of March’20 –
since markets are currently which can be seen as an early sign August’20 rally. Thus, dips around
underestimating inflation, which of trend reversal. Momentum is 54500 to 53000 should be used as
might last until 2025. positive as the weekly MACD line a buying opportunity to ride the next
recently generated a crossover leg of up move towards 63000 and
SILVER TECHNICAL OUTLOOK buy signal. The MACD histogram is then 67500. Prices shouldn’t fall
The white metal has undergone printed in red with an upward-sloping below 51900 (on a weekly closing
a slower pace of retracement as trajectory which points to higher basis) to keep the bullish tendency
over the past 25-month it retraced prices. intact. If prices break down below
almost 61.8% of the March 2020 - 51900, it opens up the possibility of
August 2020. A prolonged period of Going forward, we expect prices a move down to the 48500-47000.
retracement is generally considered to hold the key support of 51900
a healthy retracement. Silver prices as it is a confluence of: a (previous
were forming lower highs and lower month’s low placed around 51857,
lows formation for the past many b (falling trend line support on

SILVER PRICE CHART

STRATEGY: BUY MCX SILVER AT 54500-53500 SL 51900 TARGET 63000/67500

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