Saturday, September 24, 2011


Silver has the biggest decline of one day about 18% after 2008. Silver has broken its all technical supports due to uncertainty in U.S. economy and EUROPE's defaults. CME also has increased margins of Silver, Gold and copper. The huge short positions have opened in Silver in last three days. Silver has breached its short term support $32 and 200 days moving average line and closed below which indicates weakness in Silver. Due to high prices of Dollar in Rupees Silver is above 50000 in Indian market, which is a psychological support, rally started from $26.5 to around $50 in International markets is 76% is wiped out, If silver closed below the $26.5 at Comex, then it will be again in a deep downtrend. It is advised to avoid Silver for few weeks