Does Silver forming a Double bottom at 16.75 ?

Rajesh Tatineni BSH Advisory

Silver heading to 16.75 in coming week untill holds above 15.60.

Last trading day 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..

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 15.80, made a low at 16.75 and holding strong support at 15.60, Day chart showing a double bottom formation at 15.75 which could reverse from the current levels to upside 16.10 and 16.40 also a strong resistance, a break can rise sharply till 16.50 or 200MA. We strongly suggest a buying in this counter for the coming trading days and next week.

Author

Rajesh Tatineni

BSH Advisory

Expert in commodity and forex markets, Rajesh Tatineni carries a wide experience and vast knowledge of various financial instruments. He's been involved in financial markets since 2010.

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