MCX Silver March as seen in the weekly chart above has opened the week at 45,084 levels initially fell sharply lower breaking both the support levels, but finally found support at 44,112 levels. Later prices rallied sharply towards 45,649 levels, but could not sustain corrected sharply towards 44,700 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect silver prices to find support in the range of 44,400 – 44,300 levels. Trading consistently below 44,200 levels would lead towards the strong support 43,625 levels and then finally towards the major support at 42,350 levels.
Resistance is now observed in the range of 45,500-45,600 levels. Trading consistently above 45,840 levels would lead towards the strong resistance at 46,350 levels, and then finally towards the Major resistance at 47,230 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1-44,400 / $ 19.75 R1-45,520 / $ 20.35
S2-43,625 / $ 19.16 R2-46,350 / $ 20.80
Weekly Recommendation: Buy MCX Silver March Above 44,900, SL-44,500, Target -45,500/46,300.
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Silver In Sideways Trend, Resistance 45500-600: Angel
Published 01/27/2014, 02:52 AM
Updated 05/14/2017, 06:45 AM
Silver In Sideways Trend, Resistance 45500-600: Angel
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