Silver bottom out or just a bear market rally ?
Silver price rally very late in comparison with it peer gold. Prices in December, 2015 (near Rs. 33,000) got very good support from 8X1 angles from the lows of December, 2008. Presently silver prices are trading above 9 days, 21 days closing Simple Moving Average (SMA). Rs. 41,530 is a very strong resistance for the prices to cross. This is 50 % Feb. Ratio of the December, 2004 low (Rs. 9659) and all time high of March 2011 (Rs. 73,649).
Prices needs to be closed above Rs. 41,530 on monthly chart for a medium rally till Rs. 47,200. Otherwise prices may get reversed from here onward in few days.