MCX Silver July as seen in the weekly chart above has opened the week at 43,428 levels and during this period prices made a high of 43,455 levels. During this week prices corrected sharply towards the low of 41,200 levels. At end of the week as expected prices bounced from the support levels towards 42,768 levels and finally closed 1.79% lower at 42,540 levels. During this week prices have closed below previous week’s closing of 43,315 levels and as per candlestick pattern it formed a “Bearish candlestick” which is the indication of bearish activity.
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 40,000 levels and then finally towards the major support at 39,000 levels.
Resistance is now observed in the range of 43,500 – 43,800 levels. Trading consistently above 43,800 levels would lead towards the strong resistance at 45,000 levels, and then finally towards the major resistance at 46,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 - 41,200 / $ 18.80 R1 - 43,500 / $ 20.00
S2 - 40,000 / $ 18.30 R2 - 45,000 / $ 20.60