MCX SILVER After five days of massive rally, Silver tumbled more than 3.4% on Thursday session, as the U.S. dollar boosted and prospects for a speedy economic recovery dented bullion's safe-haven appeal. Silver prices rose almost 49500 levels to their highest since February at earlier this week, mainly driven by monetary and fiscal stimulus, recession fears, and U.S.-China tensions. U.S. Federal Reserve policymakers acknowledged the possibility of further support measures if the economic downturn persists, the minutes from their latest policy meeting showed. The destructive effects of the coronavirus pandemic on the euro zone economy has decreased a little this month as some governments lessened lockdowns, a survey showed.
MCX Silver opened almost 1.75% lower at 48,202 and traded with high volatility thorough out the day and it close 3.42% lower at 47,380 marks on Thursday. During the session, it made a high of 48,723 and it made a low of 47,111 for the day. As per Bollinger band on the daily chart Silver close near its lower standard deviation line and RSI was at 35.00 which indicates negativity in the Silver prices. Today MCX Silver can trade with the negative biasedness.