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Traders May Sell MCX Silver This Week

ByCommodityOnline
Published 10/14/2013, 07:55 AM
Updated 05/14/2017, 06:45 AM

MCX Silver December as seen in the weekly chart above has opened the week at 49,160 levels initially moved sharply higher breaking both the resistances, but has found very good resistance at 50,123 levels.
Silver
Later prices fell sharply even breaking both the supports towards 46,700 levels, and finally closed sharply lower from the previous weeks closing levels. For the next week we expect silver prices to find support in the range of 45,700 – 45,650 levels.

Trading consistently below 45,600 levels would lead towards the strong support at 44,500 levels and then finally towards the major support at 42,700 levels. Resistance is now observed in the range of 47,900-48,000 levels.

Trading consistently above 48,100 levels would lead towards the strong resistance at 49,100 levels, and then finally towards the Major resistance at 51,330 levels.

MCX / Spot Silver Trading levels for the week

Trend: Down

S1-45,700 / $ 20.65 R1-47,900 / $ 21.57

S2-44,500 / $ 20.02 R2-49,100 / $22.20

Weekly Recommendation: Sell MCX Silver December between 47,900-48,000, SL-48,850, Target -45,700.

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