MCX Silver: Elliott Wave Forecast

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MCX Silver Daily chart

MCX Silver hourly chart



As shown in the daily chart of Silver, prices have seen resilience from the lower levels where cluster of supports were placed (marked by horizontal black line).The bounce from the support seems to be strong and it is unlikely that it will fade soon. RSI in daily has started moving higher bouncing from the oversold territory.

In hourly chart, the bullion has started moving in a higher highs and higher lows which is a positive sign. Also RSI has relieved from the oversold zone which can now move prices higher.

As per wave theory, Silver has completed wave b of wave b and is now moving in the form of wave c of wave b which is impulse in nature. The possibility for prices to react near till 100% of previous wave a is likely.

The summation is Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
RECL
UBL
Oil India
18 July 2020 at 15:32
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