Resistance is now observed in the range of 42,900 – 43,000 levels. Trading consistently above 43,000 levels would lead towards the strong resistance at 43,750 levels, and then finally towards the major resistance at 44,400 levels.
MCX Silver December as seen in the weekly chart above has opened at 42,890 levels and during this week made a high of 42950 levels. This week prices fell sharply towards 41,829 levels. This week prices have closed at lowest levels in 12 weeks and finally prices have closed 2.17% lower at 42,013 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
For the next week we expect silver prices to find support in the range of 41,300 – 41,400 levels. Trading consistently below 41,300 levels would lead towards the strong support at 40,500 levels and then finally towards the major support at 39,800 levels.
Resistance is now observed in the range of 42,900 – 43,000 levels. Trading consistently above 43,000 levels would lead towards the strong resistance at 43,750 levels, and then finally towards the major resistance at 44,400 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways Down
S1 – 41,300 / $ 18.85 R1 - 43,000 / $ 19.65
S2 - 40,500 / $ 18.50 R2 - 43,750 / $ 20.00
Weekly Recommendation: Sell MCX Silver December between 42,900 – 43,000, SL- 43,750, Target – 41,400 / 41,300