MCX Silver July as seen in the weekly chart above has opened at 39,980 levels. This week’s open and low was same. During this week prices rallied sharply higher towards the weekly high of 41,900 levels and finally closed 4.70% higher at 41,875 levels. This week prices closed above three weeks high levels. Technically, Prices has formed a “Bullish candlestick pattern” which is sign of positive move.
For the next week we expect silver prices to find support in the range of 41,000 – 40,900 levels. Trading consistently below 40,900 levels would lead towards the strong support at 39,950 levels and then finally towards the major support at 39,400 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 44,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 41,000 / $ 19.25 R1 - 42,600 / $ 20.00
S2 - 39,950 / $ 18.80 R2 - 43,400 / $ 20.35
Weekly Recommendation: Buy MCX Silver July between 41000 – 40900, SL- 39900, Target – 42600 / 43000