Is Silver forming a double bottom at 15.75 ?? Technical bounce is on the cards??
|Silver Technically reversing from 15.75, looks will bounce to 16.50 next week.
Thursday spot Silver prices rose 1 percent to close at $15.9 per ounce in line with rise in Gold prices and bargain hunting at lower levels while the trade tensions continue to bother investor’s sentiment.
Dollar eased off a six-month high against the Japanese yen, but bullion failed to gain traction as traders said U.S.-China trade tensions so far were boosting the U.S. currency instead of the precious metal. U.S. consumer prices barely rose in June, but the underlying trend kept pointing to a steady build-up of inflation pressures that could keep the Fed on a path of gradual interest rate increases. Fed Chairman Jerome Powell said he believes the U.S. economy remains in a "good place," with recent government tax and spending programs likely to boost gross domestic product for perhaps three years.
Silver trading at 15.85, trading below16 and above 15.60 as weekly chart showing a strong support at 15.60 downside, upside 16.75-17 levels can be seen again. For the coming trading days one can buy from current levels for upside 16.35-50 for the current trend. Buy on dips is advised overall in this counter.
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