Sharekhan has come out with its report on Silver. According to the research firm, the short-term targets on the downside are Rs 56805 and Rs 55500.
Silver: Bearish breakout
As can be seen from the chart, MCX silver rallied smartly from the low of 57400. It did a sharp retracement of the previous fall. The white metal rallied till the 78.6% retracement mark. However, near the key Fibonacci level, the bears rushed in to push the price down. Thus, silver has started the next leg on the downside, which is subdividing into lower-degree waves. Since the last few weeks, silver was trading in a sideways manner, which took form of a bearish flag pattern. Recently, silver has broken out on the downside on a closing basis. The short-term targets on the downside are Rs 56805 and Rs 55500. The reversal can be tightened to the swing high, ie 59000.
Source:money control
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