MCX Silver Heading south
The adjacent chart shows the price movement of MCX Silver continuous contract. It had given a breakout from the Inverse Head & Shoulders pattern and is currently consolidating above the breakout level. Also, it is trading above the 20 DMA and 40DMA. It has multiple support levels in the zone of 42,200-41,950. Dips towards the support zone should be seen as a buying opportunity. On the way up, it is likely to head towards the upper end of the channel, which is currently pegged at 43,900.The momentum indicator is in a ‘Buy’ mode, thereby confirming our bullish view on the white metal.