MCX Silver May as seen in the weekly chart above has opened the week at 48,130 levels and during the same time prices corrected 2.27% sharply lower towards the 47,181 levels. We have also seen that during this week prices breached the last week’ low of 47,888 level and closed at 47,277 levels.
For the next week we expect silver prices to find support in the range of 46,900 – 46,850 levels. Trading consistently below 46,850 levels would lead towards the strong support 46,000 levels and then finally towards the major support at 45,200 levels.
Resistance is now observed in the range of 48,100 – 48,200 levels. Trading consistently above 48,200 levels would lead towards the strong resistance at 49,200 levels, and then finally towards the Major resistance at 50,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 - 46,850 / $ 21.00 R1 - 48,200 / $ 21.60
S2 - 46,000 / $ 20.60 R2 - 49,000 / $ 22.00
Weekly Recommendation: Neutral