MCX Silver March as seen in the weekly chart above has opened the week at 44,544 levels initially moved marginally lower, but has found good support at 44,411 levels. Later prices rallied sharply breaking both the resistance levels towards 46,717 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 45,950 – 45,850 levels. Trading consistently below 45,500 levels would lead towards the strong support 45,110 levels and then finally towards the major support at 43,610 levels.
Resistance is now observed in the range of 47,400-47,450 levels. Trading consistently above 47,500 levels would lead towards the strong resistance at 48,220 levels, and then finally towards the Major resistance at 49,300 levels.
MCX / Spot Silver Trading levels for the week
Trend: UP
S1-45,910 / $ 20.92 R1-47,420 / $ 21.94
S2-45,110 / $ 20.40 R2-48,220 / $22.48
Weekly Recommendation: Buy MCX Silver March between 45,950-45,850, SL-45,000, Target -47,400/ 48,200.