Silver: Momentum picks up

After consolidating silver has started a new move on the upside. The move has originated from the junction of the 40-daily exponential moving average and the daily lower Bollinger Band. The Bollinger Bands have started expanding after a contraction. The daily momentum indicator has given a bullish signal. The immediate resistance is at Rs59,300 (the falling trendline from the previous high). Once that is crossed the channel targets are Rs62,000 and Rs63,000. Rs56,734 will be the key reversal level.
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