SILVER (July) Today : Strong volatile.....as expected it was face resistance 59000-5900 range and sharp fall were resulted made a low 55200. Now today....Support on panic watch 55144 and resistance 57050.....break out this range time to sharp move in either side.
Silver trading tips : Technically speaking , RSI has formed a very strong support at 69 levels and prices wise it has a very strong support at 70400 levels. Fundamentally speaking , May 1 , 2011 would be very important day , because Bolivia’s President has announced nationalization of the silver mines.
As we have predicted in out last week report that Silver prices might Fall down till 69200 levels, it did exactly same. But the prices are continuously rising because of global uncertainties and weak dollar.
For the coming week we expect prices might bounce back till 72500 levels with a strong support at 69400 levels.
Silver updates : Silver price are making higher highs , because of weak dollar. Technically speaking , RSI is trading above 92 levels , which consider as highly overbought condition. Commodity channel index is showing a negative divergence.