MCX Silver March as seen in the weekly chart above has opened the week at 44,860 levels initially moved higher, but has found resistance at 45,600 levels. Later prices fell sharply towards 44,314 levels, but could not sustain recovered sharply towards 45,270 levels, and finally closed higher from the previous weeks closing levels.
For the next week we expect silver prices to find support in the range of 45,030 – 44,970 levels. Trading consistently below 44,900 levels would lead towards the strong support 44,430 levels and then finally towards the major support at 43,730 levels.
Resistance is now observed in the range of 45,730-45,800 levels. Trading consistently above 45,850 levels would lead towards the strong resistance at 46,300 levels, and then finally towards the Major resistance at 47,250 levels.
MCX / Spot Silver Trading levels for the week
Trend: UP
S1-45,010 / $ 20.11 R1-45,730 / $ 20.62
S2-44,430 / $ 19.55 R2-46,300 / $20.99
Weekly Recommendation: Buy MCX Silver March between 45,050-44,950, SL-44,300, Target -45,700.