MCX Silver December as seen in the weekly chart above has opened the week on its low at 48,255 levels and then moved sharply higher and as expected found very strong resistance just below the expected levels at 50,330 levels. Later prices corrected sharply towards 49,151 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 49,450 – 49,350 levels. Trading consistently below 49,100 levels would lead towards the strong support at 48,530 levels and then finally towards the major support at 47,350 levels.
Resistance is now observed in the range of 50,600-50,700 levels. Trading consistently above 50,800 levels would lead towards the strong resistance at 51,500 levels, and then finally towards the Major resistance at 52,098 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1-49,430 / $ 22.40 R1-50,620 / $ 23.04
S2-48,500 / $ 21.95 R2-51,500 / $23.50
Weekly Recommendation: Buy MCX Silver December between 49,450-49,400, SL-48,800, Target -50,600.