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Short MCX Silver March Targeting 43.300: Angel

ByCommodityOnline
Published 12/09/2013, 02:57 AM
Updated 05/14/2017, 06:45 AM

MCX Silver March as seen in the weekly chart above has opened the week on its high at 45,731 levels and then fell sharply lower breaking both the support levels ,but finally found very good support at 43,653 levels. Later prices recovered sharply towards 45,178 levels, but could not sustain the gains fell back lower towards 43,584 levels, and finally closed sharply lower from the previous weeks closing levels, according to a weekly report by Angel Commodities.

For the next week we expect silver prices to find strong support in the range of 43,850 – 43,800 levels. Trading consistently below 43,600 levels would renew the previous week fall initially towards 43,180 levels and then finally towards the major support at 42,300 levels.
Silver
Resistance is now observed in the range of 44,450-44,550 levels. Trading consistently above 44,600 levels would lead towards the strong resistance at 45,320 levels, and then finally towards the Major resistance at 46,600 levels.

MCX / Spot Silver Trading levels for the week

Trend: Sideways
S1-43,850 / $ 19.28 R1-44,450 / $ 20.01
S2-43,180 / $ 18.64 R2-45,320 / $20.53

Weekly Recommendation: Sell MCX Silver March between 44,450-44,500, SL-45,351, Target -43,300, according to Angel Commodities.

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