Selling Silver was recommended in the Mobile Application on 31st March 2017. Recommendation was given to sell silver between 42450 – 42550 keeping a stop loss at 42800 on closing basis. Silver did the trick, touched the stop level and closed below it. We often see such action in stcoks and commodities, they tend to trap traders.
Since then the metal has made a low of 41006, thereby hitting our first target on the downside and bagging in more than 1400 points in just 8 trading sessions.
Now, let us give a fresh look at the chart. Silver is standing at an support as of now, closing below 40950 will drag silver down further and it man test 40560 levels.
But, if it manages to close above 41560 and stays above it for a two sessions, then it can continue its up trend and visit 42800, 43200 and 43800 levels. But closing and staying above the 40560 levels holds the key.
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