MCX Silver March as seen in the weekly chart below has opened the week at 43,951 levels initially moved lower and as expected found very strong support just below the expected level at 43,737 levels. Later prices rallied sharply breaking both the resistance levels towards 45,845 levels, but could not sustain the gains fell back lower towards 44,051 levels, and finally closed higher from the previous weeks closing levels.
For the next week we expect silver prices to find support in the range of 43,850 – 43,700 levels. Trading consistently below 43,500 levels would renew the previous week fall initially towards 42,700 levels and then finally towards the major support at 41,850 levels.
Resistance is now observed in the range of 45,800-45,850 levels. Trading consistently above 45,900 levels would lead towards the strong resistance at 46,900 levels, and then finally towards the Major resistance at 48,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1-43,730 / $ 19.12 R1-45,835 / $ 20.32
S2-42,680 / $ 18.60 R2-46,900 / $21.00
Weekly Recommendation: Buy MCX Silver March between 44,460 - 44,400, SL-43,500, Target -45,800.
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Silver To Trade Sideways, Resistance 45800: Angel
Published 12/16/2013, 12:41 AM
Updated 05/14/2017, 06:45 AM
Silver To Trade Sideways, Resistance 45800: Angel
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