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MCX Silver July futures technical chart has taken the formation of a "Descending broadening wedge" pattern in the 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower as expected and closed in the red. The current market is expected to continue on a bearish trend based on the current price action, once breaks below the key support level holding near 60450. The downside rally could be extending all the way down to 60100-59650 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 61350. A slide to 61800-62600 is also a possibility if the price makes or breaks upper the current resistance level

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