US Silver: Profit Booking

LONDON  (Aug 21)  COMEX Silver for September delivery witnessed a shooting star pattern at higher prices. The Commodity which was slumping around 20 levels has recovered to higher levels. The bullish scenario remains steady for silver with a breakout may witness rally towards 21 levels. The commodity may witness profit selling and may retreat to 20 levels in near term.

On charts, silver is trading at overbought levels, RSI and Stochastic are strong and rate of change is at positive. Support for the commodity is now seen at 22.50 and 22.10 levels with resistance around 22.75 and 23.10 levels.