MCX Silver December as seen in the weekly chart below opened at 57788, went slightly lower making a low of 57582 where it found good support with buyers emerging pushing the prices on a constant uptrend for the rest of the week making a high of 61142. Silver finally closed the week below the highs at 60900. On weekly chart, the price action of last week has made a long white candle, a bullish pattern.
For the next week we expect Silver prices to find Support at 58800 levels and further below strong support is seen at 56600. Trading below 56600 can take Silver prices lower to 53500. Major support seen at 51000.
Resistance is now seen at 62900. Trading consistently above 62900 would take the Silver prices towards strong resistance at 64200 and then Major resistance at 65750.
MCX/Spot Silver Trading levels for the week
Trend: Up
S1-58800/$31.45 R1-62900/$33.70
S2- 56600/$30.25 R2-65750/$35.20
Recommendation: Buy MCX SILVER Dec between 60000-60100, SL - 58800, Target - 61900 / 62000