Silver made a high of 24250 in second week Of august later on fall sharply downwards to 22500 which was strong medium term support to Bounce back sub 23400 level , the Complete retracement was in a form a Channel which has height of almost 650 Points . Looking at different possibilities over short term and Patterns visible
case a) medium term trend Shows that the retracement was in Form a channel and Now will face strong resistance in the Zone of 23600-23750 Zone, a strong momentum close above the said levels can open upside target of 23750+ 650(channel height) i.e. 24400 .
Case b) If unable to Cross the resistance of 23600-750 and falls back to re test the support near 23250 and a Breach below same would open possible Downside targets of 23250-650 (channel height) i.e. 22600 and Over larger trend Possible downside targets of 21850-22100 .. Possible Extension of Previous Move
Important Levels : 23210--23265 Zone Downside
23600-23750 upsdie
Chart analysis : case a) marked with pink arrows
case b) Marked With yellow arrows
Channel marked with blue Lines
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