Trading consistently above 46,000 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 47,500 levels.
MCX Silver Sept as seen in the weekly chart above has opened at 44,724 levels and prices made a low of 44,631 levels. During this week as expected prices rallied sharply higher towards the 45,450 levels and finally closed 0.41% higher at 45,097 levels. This week prices are able to close above the previous week’s closing of 44,912 levels. Technically, prices have formed the “Bullish candlestick pattern” which is the positive sign for upcoming trading sessions.
For the next week we expect silver prices to find support in the range of 44,300 – 44,000 levels. Trading consistently below 44,000 levels would lead towards the strong support at 43,200 levels and then finally towards the major support at 42,700 levels.
Resistance is now observed in the range of 45,900 – 46,000 levels. Trading consistently above 46,000 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 47,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 44,300 / $ 20.50 R1 - 45,900 / $ 21.50
S2 - 43,200 / $ 20.00 R2 - 46,600 / $ 21.80
Weekly Recommendation: Buy MCX Silver Sept between 44000 – 44300, SL- 43200, Target – 45900 / 46200