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MCX, Spot Silver May Trade Sideways This Week :Angel Commodities

ByCommodityOnline
Published 10/21/2013, 07:43 AM
Updated 05/14/2017, 06:45 AM

MCX Silver December as seen in the weekly chart above has opened the week at 46,788 levels initially moved sharply higher and as expected found very good resistance at 47,983 levels.
Silver
Later prices fell sharply towards 45,950 levels and then rallied sharply towards 48,853 levels, and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect silver prices to find support in the range of 47,700 – 47,600 levels. Trading consistently below 47,500 levels would lead towards the strong support at 46,500 levels and then finally towards the major support at 44,760 levels.

Resistance is now observed in the range of 49,350-49,450 levels. Trading consistently above 49,500 levels would lead towards the strong resistance at 50,568 levels, and then finally towards the Major resistance at 52,160 levels.

MCX / Spot Silver Trading levels for the week

Trend: Up

S1-47,670 / $ 21.52 R1-49,380 / $ 22.54

S2-46,500 / $ 20.86 R2-50,568 / $23.20

Weekly Recommendation: Buy MCX Silver December between 47,700-47,600, SL-46,700, Target -49,300.

Source: Angel Commodities

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