Trading consistently above 42,600 levels would lead towards the strong resistance at 43,400 levels, and then finally towards the major resistance at 44,400 levels.
MCX Silver Sept as seen in the weekly chart above has opened at 43,050 levels and during this week open and high levels were the same. As expected during the week prices corrected sharply and made a weekly low of 41,780 levels. In the week prices have breached the previous 9 week’s low and finally closed 3.02% lower at 41,955 levels. Technically, as per the candlestick pattern prices have formed “Bearish Pattern” indicating down trend for the coming trading sessions.
For the next week we expect silver prices to find support in the range of 41,200 – 41,000 levels. Trading consistently below 41,000 levels would lead towards the strong support at 40,400 levels and then finally towards the major support at 39,800 levels.
Resistance is now observed in the range of 42,500 – 42,600 levels. Trading consistently above 42,600 levels would lead towards the strong resistance at 43,400 levels, and then finally towards the major resistance at 44,400 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 41,200 / $ 19.10 R1 - 42,600 / $ 19.90
S2 - 40,400 / $ 18.70 R2 - 43,400 / $ 20.20
Weekly Recommendation: Sell MCX Silver September between 42500 – 42700, SL- 43400, Target – 41200 / 41000