silver prices to find support in the range of 44,050 – 44,000 levels. Trading consistently below 44,000 levels would lead towards the strong support at 43,400 levels and then finally towards the major support at 43,000 levels.
MCX Silver Sept as seen in the weekly chart above has opened at 44,390 levels and made a low of 44,065. During this week prices made a high of 44,800 levels. Finally this week prices have closed 0.33% higher at 44,427 levels. Technically, as per the candlestick pattern prices have formed “Doji candlestick pattern” indicating neutral.
For the next week we expect silver prices to find support in the range of 44,050 – 44,000 levels. Trading consistently below 44,000 levels would lead towards the strong support at 43,400 levels and then finally towards the major support at 43,000 levels.
Resistance is now observed in the range of 44,900 – 45,000 levels. Trading consistently above 45,000 levels would lead towards the strong resistance at 45,700 levels, and then finally towards the major resistance at 46,300 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways Down
S1 – 44,000 / $ 20.10 R1 - 45,000 / $ 20.60
S2 - 43,400 / $ 19.80 R2 - 45,700 / $ 20.85
Weekly Recommendation: Sell MCX Silver September between 44,900 – 45,000, SL- 45,700, Target – 44,000 / 43,400