Technical Levels of Silver and other Major Commodities
Silver skyrocketed in the month of May and settled above 50000 levels.
Now, what next???
Silver has resistance at 50600. Will it break 50600 or take U-Turn from current levels???
If break 50600 then buy on dips will be the best trading strategy for an initial upside target of 54000—55500 levels else it could test its support level of 49200—48500 again. More and more downside panic will see on a close below 48500 levels only.
Traders can trade within a range and wait for the confirmation.
Copper support at 412.50—409.00 and resistance at 418.00
Close above 418 will take it to 428–436 levels in days to come else it could test its support level of 412.50—409.00 levels again
More and more downside panic will see on a close below 409 mark. Close below 409 will take it to 402—398 and then to 388 levels too
Trade safely with levels only.
We have seen a consolidation phase in the range between 2375—2638 and settled around 2550
Now, what to expect???
Support at 2375 and resistance at 2700
Two consecutive close above 2700 will take it to 3150—3300 and then to 3700 levels too in days to come else it could test its support level of 2370 again.
Close below 2370 will take it to 2200—2050 and then to 1900 levels.
(Best positional buying range will be 1900)