MCX Silver Falls Sharply, Time To Go Long: Angel
CommodityOnline | Nov 18, 2013 05:47AM ET
MCX Silver December as seen in the weekly chart below has opened the week at 48,500 levels initially moved marginally higher but has found very good resistance at 48,573 levels. Later prices fell sharply breaking both the support levels towards 46,547 levels, and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect silver prices to find strong support in the range of 46,650 – 46,550 levels. Trading consistently below 46,450 levels would renew the previous weeks fall initially towards 45,900 levels and then finally towards the major support at 45,250 levels.
Resistance is now observed in the range of 47,250-47,350 levels. Trading consistently above 47,400 levels would lead towards the strong resistance at 48,020 levels, and then finally towards the Major resistance at 49,310 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1-46,000 / $ 20.30 R1-47,280 / $ 21.30
S2-45,250 / $ 19.80 R2-48,020 / $21.92
Weekly Recommendation: Buy MCX Silver December Above 46,950, SL-46,450, Target -48,000.
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