My call on silver have been right on target. When I gave a sell call on silver it was trading t 66,000 on MCX. At that time it seemed that silver will not go above a 72,000 silver made a high of 72459 and have cracked 18% from that level to a low of 59100.
Silver Weekly Chart on MCX
From the current chart patterns it seems that silver will correct further to 35 dollar levels which may correspond to 50,000 on MCX. There may be a temporary pull back on silver but overall I will silver at 65,000 with a stop loss of 73,000 and target of 50,000
Silver Weekly chart - Comex
Even if we look at the retracement levels we can see in the given chart that silver had done 38.2% retracement of the of up move which is at 40.88 levels. As the trend line is broken, I expect silver to correct further upto 50% retracement level. which will result into silver falling up to 35 -38 levels.
Silver Daily chart
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