MCX Silver Sept as seen in the weekly chart above has opened at 44,950 levels and prices made a low of 44,576 levels. At the same time price were trading in the range but at the end of the week as expected prices rallied sharply towards 46,400 levels. Finally this week prices have closed 2.26% higher at 46,068 levels. This week prices are able to close above the previous week’s high of 45,375 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating strength.
For the next week we expect silver prices to find support in the range of 45,500 – 45,300 levels. Trading consistently below 45,300 levels would lead towards the strong support at 44,200 levels and then finally towards the major support at 43,700 levels.
Resistance is now observed in the range of 47,500 – 47,600 levels. Trading consistently above 47,600 levels would lead towards the strong resistance at 48,600 levels, and then finally towards the major resistance at 50,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 45,300 / $ 21.05 R1 - 47,600 / $ 22.10
S2 - 44,200 / $ 20.50 R2 - 48,600 / $ 22.50
Weekly Recommendation: Buy MCX Silver September between 45,300 – 45,500, SL- 44,200, Target – 47,500 / 48,000