Trading consistently above 37,200 levels would lead towards the strong resistance at 38,100 levels, and then finally towards the major resistance at 39,000 levels.
MCX Silver December as seen in the weekly chart above has opened at 35,173 levels and this week made a low of 33,938 levels. At end of this week prices rallied sharply higher towards 36,266 levels and finally prices have closed 3.55% higher at 36,032 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick”.
For the next week we expect silver prices to find support in the range of 34,800 – 34,900 levels. Trading consistently below 34,800 levels would lead towards the strong support at 34,000 levels and then finally towards the major support at 33,400 levels.
Resistance is now observed in the range of 37,100 – 37,200 levels. Trading consistently above 37,200 levels would lead towards the strong resistance at 38,100 levels, and then finally towards the major resistance at 39,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 34,800 / $ 15.75 R1 - 37,200 / $ 16.85
S2 - 34,000 / $ 15.40 R2 - 38,100 / $ 17.25
Weekly Recommendation: Sell MCX Silver December between 37,100 – 37,200, SL- 38,100, Target – 34,800 / 34,600