silver prices to find support in the range of 34,600 – 34,700 levels. Trading consistently below 34,600 levels would lead towards the strong support at 33,400 levels and then finally towards the major support at 32,500 levels.
MCX Silver December as seen in the weekly chart above has opened at 38,070 levels and this week made a high of 38,467 levels. During this week prices fell sharply lower towards 35,123 levels, which is the lowest level in 4 years (48 months). And finally prices have closed 5.98% lower at 35,797 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
For the next week we expect silver prices to find support in the range of 34,600 – 34,700 levels. Trading consistently below 34,600 levels would lead towards the strong support at 33,400 levels and then finally towards the major support at 32,500 levels.
Resistance is now observed in the range of 36,400 – 36,500 levels. Trading consistently above 36,500 levels would lead towards the strong resistance at 37,400 levels, and then finally towards the major resistance at 38,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 34,600 / $ 15.55 R1 - 36,500 / $ 16.40
S2 - 33,400 / $ 15.00 R2 - 37,400 / $ 16.85
Weekly Recommendation: Sell MCX Silver December between 36,400 – 36,500, SL- 37,400, Target – 34,800 / 34,600