Silver witnessed three weeks of consolidation during its down run. The primary trend continued during the past week. Silver MCX, was down nearly 6% last week, closing at 42629 per kg. While giving close near the low of the weekly move, it also signals further downfall for the coming week.
Short term trend still remains bearish in silver and we infer the immediate resistances at 43700 followed by 44500 levels where as supports are seen at 44700, 44200 and 43150. Relative Strength Index (RSI) though in oversold condition, can be seen moving further down, indicates further weakness in silver. Based on chart pattern and indicators, we recommend selling on rise for a potential target of 40000 then 38000 for the coming week.
Support: 41280, 39540
Resistance: 43720, 44550
Short term trend still remains bearish in silver and we infer the immediate resistances at 43700 followed by 44500 levels where as supports are seen at 44700, 44200 and 43150. Relative Strength Index (RSI) though in oversold condition, can be seen moving further down, indicates further weakness in silver. Based on chart pattern and indicators, we recommend selling on rise for a potential target of 40000 then 38000 for the coming week.
Support: 41280, 39540
Resistance: 43720, 44550
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