MCX Silver May as seen in the weekly chart above has opened the week at 46,999 levels and during this week price corrected 5.17% sharply lower. At the same time prices made a high of 47,071 levels but could not able to sustain on higher levels and corrected back towards 44,600 levels with breaching the previous week’s low of 45,522 levels and finally closed near to the week’s low at 44,651 levels.
For the next week we expect silver prices to find support in the range of 43,300 – 43,000 levels. Trading consistently below 43,000 levels would lead towards the strong support 42,000 levels and then finally towards the major support at 41,000 levels.
Resistance is now observed in the range of 45,800 – 46,000 levels. Trading consistently above 46,200 levels would lead towards the strong resistance at 47,500 levels, and then finally towards the Major resistance at 48,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 - 43,300 / $ 19.60 R1 - 46,000 / $ 20.90
S2 - 42,000 / $ 19.00 R2 - 47,500 / $ 21.60
Weekly Recommendation: Sell MCX Silver May between 45,500 – 46,000, SL- 47,500, Target – 43,300 / 42,500