The Phaserl


Silver bottoms out, but looks poised for recovery

from Bullion Street:

US silver futures seems to have bottomed out at $22 per ounce levels and looks poised for some upward moves although volume and open interest has dropped signficantly over the past week. At India’s Multi Commodity Exchange, Silver May contract is o.64% at Rs 43693 per kg on Monday afternoon trade.

” On daily charts both Comex silver and MCX silver seems to have bottomed out and looking for a push upwards although recovery signs are weak,” Sreekumar Raghavan, Investment Strategist at Commodity Online Group said. Prices are still below the 20 day SMA of Rs 47635.40 at MCX while RSI of 19.76 is extremely bearish and still in oversold territory, he added.

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