MCX Silver anticipated happened and Elliott Wave forecast

MCX Silver hourly continuous chart anticipated on 31st March 2020

MCX Silver hourly continuous chart happened on 20th May 2020

In my previous update dated 31st March 2020, I had mentioned that, “Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term.” On 20th May it made a high of 49500, thus achieving my mentioned level of 49200-49300 when it was trading at 41000, gaining stupendous 20%- Anticipated Happened.

As per hourly chart, prices are expected to remain in a range of 46850-49400 after that there are high possibility to cross 49500 impressively which can soar prices till 50600 levels over short term. RSI has bounced from the oversold territory.

From Wave theory, Silver is moving in wave iv of the impulse rally, It is likely to make a flat pattern which will end near to 48800-48700 levels and after that wave v of the major trend will resume.

The summation is, prices will continue to progress with support below 46500 and can reach till 50600 over short term, the bias is firmly positive.

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Phani Kumar said…

Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
Sterling and Wilson IPO

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