By Deepak Rangan
MCX Silver prices have broken through a downtrend channel line (blue) and is trading below Rs 50,000 on Thursday trade. Near month March contract is at Rs 49,422 as of 11:39 IST.
International silver prices are also trading lower. COMEX silver January contract is trading at $26.915, a decline of $0.277 as of 11:41 IST.
Silver has moved lower together with Gold prices. Both precious metals have been week in recent days and with a firm downtrend channel in place, the minor consolidation gave way to a strong downside break.
In the Chart below, Silver has broken steeply below the channel line, indicating that prices may crash severely. In such a situation, the first downside target would be the September low of around Rs 47500
