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Silver July In Downtrend, Resistance At 40,400-40,500 Levels

ByCommodityOnline
Published 06/02/2014, 06:03 AM
Updated 05/14/2017, 06:45 AM



MCX Silver July as seen in the weekly chart above has opened at 40,861 levels and during this period prices made a high of 41,230 levels. As expected during this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the new contract low of 39,517 levels and finally closed 2.97 % lower at 39,586 levels. In the week prices have made the new contract low of 39,517 levels and formed “Bearish candlestick pattern” which is the indication of bearish trend.

For the next week we expect silver prices to find support in the range of 39,000 – 38,900 levels. Trading consistently below 38,900 levels would lead towards the strong support at 38,900 levels and then finally towards the major support at 38,500 levels.

Resistance is now observed in the range of 40,400 – 40,500 levels. Trading consistently above 40,500 levels would lead towards the strong resistance at 41,300 levels, and then finally towards the major resistance at 41,900 levels.

MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 39,000 / $ 18.50 R1 - 40,500 / $ 19.30
S2 - 38,500 / $ 18.30 R2 - 41,300 / $ 19.80

Weekly Recommendation: Sell MCX Silver July between 40,400 – 40,500, SL- 41,300, Target – 39,000 / 38,800

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