MCX Silver July as seen in the weekly chart above has opened the week at 42,730 levels and during this period prices made a low of 42,531 levels. In the week prices rallied sharply towards the weekly high of 43,557 levels and finally closed 0.44% higher on 43,315 levels. During this week prices are able to close above previous week’s closing of 43,124 levels and as per candlestick pattern it formed a “Bullish candlestick” which is the indication of bullish activity.
For the next week we expect silver prices to find support in the range of 42,500 – 42,400 levels. Trading consistently below 42,400 levels would lead towards the strong support 41,200 levels and then finally towards the major support at 40,000 levels.
Resistance is now observed in the range of 43,800 – 44,000 levels. Trading consistently above 44,000 levels would lead towards the strong resistance at 45,000 levels, and then finally towards the major resistance at 46,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 - 42,400 / $ 19.30 R1 - 44,000 / $ 20.00
S2 - 41,200 / $ 18.70 R2 - 45,500 / $ 20.70