As seen in the chart below MCX Silver Sept opened at 44,748 levels and prices made a low of 44,300 levels. During this week as expected prices rallied sharply higher towards the high of 45,375 levels. At the end of the week prices corrected towards the low of 44,300 levels and finally closed 0.11% lower at 45,048 levels. This week prices closed below the previous week’s closing of 45,097 levels.
For the next week we expect silver prices to find support in the range of 44,300 – 44,000 levels. Trading consistently below 44,000 levels would lead towards the strong support at 43,200 levels and then finally towards the major support at 42,700 levels.
Resistance is now observed in the range of 45,500 – 45,600 levels. Trading consistently above 45,600 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 47,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 – 44,000 / $ 20.50 R1 - 45,600 / $ 21.50
S2 - 43,200 / $ 20.20 R2 - 46,600 / $ 21.90