MCX Silver December as seen in the weekly chart above has opened the week gap down at 46,541 levels initially moved marginally higher towards 46,680 levels. Later prices fell sharply breaking both the support levels towards 44,455 levels, and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect silver prices to find strong support in the range of 43,800 – 43,750 levels. Trading consistently below 43,700 levels would renew the previous week fall initially towards 43,000 levels and then finally towards the major support at 42,700 levels.
Resistance is now observed in the range of 45,200-45,250 levels. Trading consistently above 45,300 levels would lead towards the strong resistance at 46,000 levels, and then finally towards the Major resistance at 47,450 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1-43,775 / $ 19.40 R1-45,220 / $ 20.12
S2-43,000 / $ 18.98 R2-46,000 / $20.56
Weekly Recommendation: Sell MCX Silver December between 45,200-45,250, SL-45,701, Target -43,850.
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Silver To Find Strong Support At 43,800-43750 Levels
Published 11/25/2013, 05:07 AM
Updated 05/14/2017, 06:45 AM
Silver To Find Strong Support At 43,800-43750 Levels
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