Silver Quant Analysis: 18/Feb/19

Silver Quant Analysis: 18/Feb/19

MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last sessions ended up in bullish trend aftera few negative rallies inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 40100. The positive rally could be extending all the way up to 40300-40500 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 39800-39500 levels. Key support holds at 39500.

Gold Quant Analysis: 18/Feb/19

Gold Quant Analysis: 18/Feb/19

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 33450. The positive rally could be extending all the way up to 33550-33600 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 33200-33100 levels. Key support holds at 33100.