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Silver - May 4, 2021 - Reliance Securities

Posted On: 2021-05-04 12:18:51 (Time Zone: UTC)


Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

In other precious metals, silver also fell on Tuesday afternoon trade in Asia, tracking the strong dollar and weak gold prices.

Technically, LBMA Silver Spot has given a breakout of Inverse Head & Shoulder pattern with good volume activity indicating a strong bullish trend in the counter. Support is at $26.60-$25.80 levels. Resistance is at $27.30-$27.75 levels.

Domestic silver prices are trading weaker on Tuesday afternoon trade, tracking overseas prices and marginally stronger Rupee.

Technically, MCX Silver July breakout above 7000 could see 71600-72400 levels. Support is at 69900-68650 levels.

Strategy for Silver July for the strategy for the rest of the session will be buying near 70500 with a stoploss at 69500 and a target at 72000.

Disclaimer: The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained herein.


Source: Equity Bulls

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