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Silver Prices Lower Towards 39,525 Levels, Selling

Published 09/22/2014, 06:24 AM
Updated 05/14/2017, 06:45 AM

Trading consistently above 40,300 levels would lead towards the strong resistance at 41,000 levels, and then finally towards the major resistance at 41,800 levels.

September 22, 2014 15:00



MCX Silver December as seen in the weekly chart above has opened at 41,400 levels and during this week made a high of 41,774 levels. During this week prices fell sharply lower towards 39,525 levels. This week prices have closed at lowest levels in 15 weeks and finally prices have closed 4.07% lower at 39,626 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.

For the next week we expect silver prices to find support in the range of 39,400 – 39,500 levels. Trading consistently below 39,400 levels would lead towards the strong support at 38,500 levels and then finally towards the major support at 37,200 levels.

Resistance is now observed in the range of 40,300 – 40,300 levels. Trading consistently above 40,300 levels would lead towards the strong resistance at 41,000 levels, and then finally towards the major resistance at 41,800 levels.

MCX / Spot Silver Trading levels for the week

Trend: Down

S1 – 39,400 / $ 17.73 R1 - 40,300 / $ 18.15
S2 - 38,500 / $ 17.32 R2 - 41,000 / $ 18.45

Weekly Recommendation: Sell MCX Silver December below 39,400, SL- 40,300, Target – 38,500 / 38,000

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