MCX Silver March as seen in the weekly chart above has opened the week at 44,829 levels initially moved sharply lower, breaking both the support levels, but has found good support at 42,435 levels. Later prices rallied sharply towards 45,729 levels, and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect silver prices to find support in the range of 44,600 – 44,500 levels. Trading consistently below 44,400 levels would lead towards the strong support 43,360 levels and then finally towards the major support at 41,250 levels.
Resistance is now observed in the range of 46,600-46,700 levels. Trading consistently above 46,800 levels would lead towards the strong resistance at 47,840 levels, and then finally towards the Major resistance at 48,120 levels.
MCX / Spot Silver Trading levels for the week
Trend: UP
S1-44,560 / $ 19.72 R1-46,650 / $ 20.82
S2-43,360 / $ 19.02 R2-47,840 / $21.52
Weekly Recommendation: Buy MCX Silver March between 44,650-44,550, SL-43,500, Target -46,600.