Silver shines. What next?

Post Union Budget 2023, the gold and silver prices soared high breaking the records. Now what?

To simplify the detail, let’s first have a look on the chart for Silver (MCX) for next technical levels to look for.

Silver chart by NiftyAnalysis.in

One reason, technical analysis is my favourite stream of study in the financial market is because the levels it provides us as an alert, intimation, support/resistance is in advance.

The sudden rally after the budget was from our technical support at the 69560-570 range, and the fall as well from our resistance at 72432.

Now, WHAT NEXT?

A fall till 69270 is expected to be the next target and support for this fall. Other important levels are mentioned in the chart.

Resistance, which is also an invalidation of the bearish fall, will be Dec high 70335 as R1 and 70510 as R2.

Once the price closes above these will attract a bullish trend in the coming week.

PS: To keep yourself updated, join our Telegram channel, Twitter account and our Bhoomi Indicator subscription.