MCX, Spot Silver May Trade Up This Week
CommodityOnline | Oct 07, 2013 05:41AM ET
MCX Silver December as seen in the weekly chart below has opened the week at 49,305 levels initially moved higher, but found very good resistance at 49,899 levels.
Later prices fell sharply breaking both the supports towards 46,866 levels, and finally closed lower from the previous weeks closing levels.
For the next week we expect silver prices to find support in the range of 47,950 – 47,900 levels.
Trading consistently below 47,800 levels would lead towards the strong support at 47,190 levels and then finally towards the major support at 45,300 levels.
Resistance is now observed in the range of 49,100-49,150 levels. Trading consistently above 49,300 levels would lead towards the strong resistance at 49,900 levels, and then finally towards the Major resistance at 51,350 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1-47,950 / $ 21.38 R1-49,120 / $ 22.30
S2-47,190 / $ 20.82 R2-49,900 / $22.90
Weekly Recommendation: Buy MCX Silver December between 48,000-47,900, SL-47,150, Target -49,100.
Source: Angel Commodities
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