Silver Futures (MCX) OVER VIEW

 

Technical Analysis of Silver Futures (MCX)

Key Levels and Fibonacci Retracement

1. Resistance Levels (Targets):

   • First Resistance: ₹96,200 (0.5 Fibonacci Level)
   • Second Resistance: ₹99,933 (0.382 Fibonacci Level)
   • Major Resistance Zone: ₹100,081 (Round number psychological level)

2. Support Levels (Stop-Loss Considerations):

   • Immediate Support: ₹92,467 (0.618 Fibonacci Level)
   • Strong Support Zone: ₹97,152 (0.786 Fibonacci Level)
   • Critical Support Level: ₹86,993 (Previous demand zone)

Price Action & Trend

• The price is consolidating around ₹94,595.
• Trading within a descending trendline resistance, facing rejection from ₹96,200.
• A breakout above ₹96,200 may lead to ₹99,933 and further towards ₹100,081.

Indicators

• RSI (Relative Strength Index): 58.89 (Neutral to slightly bullish)
  • RSI near 60 indicates moderate bullish momentum.
  • If RSI crosses above 70, it signals overbought conditions.
  • If RSI drops below 50, bearish pressure may increase.

Trading Strategy

• Long Position (Bullish View):

  • Entry: Above ₹96,200 with confirmation.
  • Target 1: ₹99,933
  • Target 2: ₹100,081
  • Stop-Loss: ₹92,467 (0.618 Fibonacci)

• Short Position (Bearish View):

  • Entry: Below ₹94,500 (Breakdown Confirmation)
  • Target 1: ₹92,467
  • Target 2: ₹88,665
  • Stop-Loss: ₹96,200 (0.5 Fibonacci)

Conclusion

• Price needs to break ₹96,200 for an uptrend continuation.
• A rejection could push prices towards ₹92,467 or lower.
• Monitor RSI and volume for confirmation.

Silver Futures (MCX) - Short, Medium & Long-Term Outlook

1. Short-Term View (1-2 Weeks) – Range-Bound to Bearish Bias

• Current Price: ₹94,595
• Resistance: ₹96,200 (0.5 Fibonacci Level)
• Support: ₹92,467 (0.618 Fibonacci Level)
• RSI: Near 59, slightly bullish but not overbought

📌 Scenario:

• If silver breaks above ₹96,200, it can test ₹99,933.
• If silver fails to break ₹96,200, a pullback to ₹92,467 or lower is likely.
• RSI suggests momentum is not overly strong, so range-bound movement between ₹92,467 – ₹96,200 is possible in the short term.

🔹 Trading Strategy:

• Bullish: Buy above ₹96,200, target ₹99,933, stop-loss ₹94,500.
• Bearish: Sell below ₹94,500, target ₹92,467, stop-loss ₹96,200.

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2. Medium-Term View (1-3 Months) – Bullish Bias if ₹96,200 Breaks

• Trend: Silver is in a recovery phase from previous lows.
• Key Resistance: ₹100,081 (Psychological Level)
• Key Support: ₹88,665 - ₹86,993

📌 Scenario:

• If silver sustains above ₹96,200, the next target is ₹100,081.
• If silver drops below ₹92,467, it could test ₹88,665, which is a strong medium-term support.

🔹 Trading Strategy:

• Buy on dips near ₹92,467 with a stop-loss below ₹90,000 for a medium-term target of ₹100,081.
• If price breaks ₹100,081, silver may enter a stronger uptrend.

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3. Long-Term View (6-12 Months) – Bullish Above ₹100,081

• Major Trend: Long-term uptrend resumes above ₹100,081.
• Support Zone: ₹86,993 – ₹83,495 (Major Fibonacci Retracement)

📌 Scenario:

• If silver breaks ₹100,081 and holds, it could move towards ₹105,000 – ₹110,000 in 6-12 months.
• If silver fails to break ₹100,081, long-term consolidation between ₹85,000 – ₹100,000 may continue.

🔹 Investment Strategy:

• Long-term investors should accumulate near ₹88,000 – ₹92,000 levels for upside potential beyond ₹100,000.

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Summary of Silver Futures Outlook

Timeframe	Bias	Key Levels	Targets
Short-Term (1-2 Weeks)	Range-bound/Bearish	₹96,200 - ₹92,467	₹99,933 (upside), ₹92,467 (downside)
Medium-Term (1-3 Months)	Bullish above ₹96,200	₹100,081 - ₹88,665	₹100,081 (upside), ₹88,665 (downside)
Long-Term (6-12 Months)	Bullish above ₹100,081	₹110,000 possible	₹105,000 – ₹110,000