MTECHTIPS MCX SILVER INTRADAY trading analysis 01-02-2016

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 MTECHTIPS MCX SILVER INTRADAY trading analysis 01-02-2016

Mcx Silver has support at 34500 and resistance at 35400. Three consecutive closes + weekly close above 35400 will see nonstop rally till 36400—37050 and then to 38000+ mark in days to come else it could test its support level of 34500 mark again. Close below 34500 will take to 34050—33800 and then to 33400 mark. Further downside panic will see only weekly close below 33000 levels. MACD and RSI shows positive diversion on daily chart along with is positive momentum shows that Silver may take U-turn again from lower levels. So traders can try to buy Silver in panic around 33800—33500 with stop loss below 33000 on closing basis for the initial target of 35400.

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