MCX Silver May In Downtrend, Resistance At 43800-44000 Levels
CommodityOnline | Mar 31, 2014 03:37AM ET
MCX Silver May as seen in the weekly chart above has opened the week at 44,510 levels with gap down opening and during this week the open and high was the same levels and as expected in the week prices corrected 4.24% lower from these levels. During this week price made a low of 42,411 levels with breaching the last 7 month’s low levels and finally closed at 42,759 levels.
For the next week we expect silver prices to find support in the range of 41,300 – 41,000 levels. Trading consistently below 41,000 levels would lead towards the strong support 40,000 levels and then finally towards the major support at 39,000 levels.
Resistance is now observed in the range of 43,800 – 44,000 levels. Trading consistently above 44,000 levels would lead towards the strong resistance at 45,000 levels, and then finally towards the Major resistance at 46,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 - 41,300 / $ 19.10 R1 - 44,000 / $ 20.30
S2 - 40,000 / $ 18.50 R2 - 45,500 / $ 21.00
Weekly Recommendation: Sell MCX Silver May between 43,800 – 44,000, SL- 45,100, Target – 41,300 / 41,000.
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