Silver prices may rise in the late evening session: N Prasad, Safetrade Advisors

N Prasad, CEO, Safetrade Advisors in an interview with ET Now talks about his investment strategy for silver.

What is your view on silver?

Silver has been sold very brutally but it has refused and rejected lower trades below the Fibonacci level of 61.8% which is from $14.8 till a rally of $50. That stands at $27.8. So it refused to go even 1 oz below that and it has been trading well. Now there can be a jump up to $36-36.5.

In Indian prices we can see once again 56000-57000 in the very near future. So there can be some covering there also. You can see some swift rises in the late evening session.