7-11th May 2012
Silver price technically entered the second level bearish zone when the price 30.60 break down below. First weekly support of 30.60 has been broken and second support lies at 28.50 $. As soon the silver price below 30$ we think it is the oversold zone with respect to current gold, oil and copper price. Silver price has been under price from several years and we feel the same now. Question lies from where silver price will reverse. In market, there are reports and sentiments which says second half of the year will be bullish for silver market. Thus we feel that 30-28$ is price level from where silver market has to rebound in normal condition (no recession yet right?). Silver Technical\\\'s price will further define by DXY and gold price because silver itself has not big weight to define its own price therefore buyers taking buy at bottom of 30$ should keenly track the gold price for possible reversible…buyers can square of the positons if price tends to break below 29.60$.
