The silver is seems as too impressive for the poftfolio. On the daily chart bulls are rocking and dominating the bears. Overall silver is heading north side however through out the week we have witnessed many wipsaws due to US CPI and Jobless claim data but at the end of the day closing was positive on the chart.
Overall silver is moving upside and making successively higher highs and higher low by taking the support of the moving average lines even yesterday also a bullish marabuzo candlestick has been posted on the daily chart which generates bullish signal for the upcoming sessions.
From technical prospective we have seen that a rouding bottom pattern has been completed and silver is still trading above that rounding bottom .The primary trend is up so buy on dips should be profitable strategy for the time being. Overall 18.50 level seems as unfinished target for bulls and a daily closing above 17.00 level is must required for this game plan.The 17.50 level seems as stumble block for bulls but if bulls clear this level easily then the 18.50 will be the next destination for bullls.
Presently the flow is with bulls and silver has recoiled from key support level which is providing us bullish signal. Overall it is trading above moving average lines which is strengthening the bulls. A perfect demand and supply is going on due to that silver is trading and moving in an uptrend.
Well the current picture indicates that a correction can’t be ruled out till 16 level and that will be a incredible level to buy again, as we can see that it’s support of 200 SMA line which is suggesting that don’t miss this level for buying opportunity. The bollinger band is twisted up which suggest us to hold buy and accumlate buy on every dip.
Odds are in favor of bulls and daily to weekly bias remains bullish on the metal as long as 15.50 level remains intact. Bullish crossover on MACD indicator is supporting the bulls and RSI is also favoring the bulls from positive territory. The 16.00 is immediate support level followed by 15.00 level whereas 18.00 level is immediate resistance level followed by 18.50.