Silver @ its support, is it good level to buy ??

 Is it good level to buy silver ? 

 As seen in the attached hourly chart, silver opened gap down today with bearish sentiment in the minds most of traders. But we should use brain in spite of mind with the help of chart levels. 

Fibonacci Retracement

Prior rally was from Rs 45800 to 48450. As shown in chart, 61 % retracement of this upmove is placed around 46840. Today's low is 46875 . So we can say that 61 % retracement is done by silver.

Support level 

Support level is placed around 46950 and price is trading above it and sustained above the level. This happening is making double bottom on the support level.

Conclusion 

One can go for buy positionaly with low quantity with the sl below 46600 because silver looks to be taken support @ 61 % retracement level. Risk reward ratio is good. On upside after breking resistance of 48500 it can fly up to 50000 .

Update 5th aug 2016

CMP is 46733, yesterday silver opened gap down & broke our support level placed @ 46950. At the time of posting this post, price was 47,185 around. Loss of 235 points in this call or analysis. Sorry about that.