Silver INR has been struggling to turn bullish since the end of 2011 after a making a life-time high around 73000. It has since made three attempts to rally up & failed repeatedly.
Most recently the precious metal has attempted to rally, from a small base, in July 2013. This rally began at the break of 44500 which was an important resistance in the previous down-trend. Prices immediately rose vertically towards it's major resistance at 62108, but before hitting the resistance price point Silver lost ground. The commodity quickly retreated and also broke important support at 50200, hence signalling an exit & a failure of the rally. The exit was further confirmed twice again, at the break of 47500 & 45800.
The commodity has since slipped further & is at very weak support levels. Resistance for Silver (inr) are at 45373, 48410 & 59504. All three are strong resistances & major resistance lies at 59504. Support levels are at 40650 & 39365, both these levels are minor support levels & breaching these we will see the commodity slip further lower.
Silver was only able to form a minor base, the last time it attempted to rally, in July 2013. Any new attempt to rally will have to be backed up with a larger & stronger base, which it might make possible if prices hold at the present levels. Moving above & holding 45373 will be critical for this base formation for the commodity & then and only then will it be able to make a genuine effort to rally up towards higher resistances. Else we might see the precious metal slip further lower.
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