MCX Silver Could Extend Down Run
CommodityOnline | May 22, 2013 03:48AM ET
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
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.