MCX Silver To Trade Sideways, Support 45,350
CommodityOnline | Dec 02, 2013 07:19AM ET
MCX Silver March as seen in the weekly chart above has opened the week at 45,769 levels initially moved higher, but has found resistance at 46,489 levels. Later prices fell sharply towards 45,237 levels, and finally closed marginally lower from the previous weeks closing levels.
For the next week we expect silver prices to find strong support in the range of 45,500 – 45,400 levels. Trading consistently below 45,200 levels would renew the previous week fall initially towards 44,600 levels and then finally towards the major support at 43,200 levels.
Resistance is now observed in the range of 46,450-46,500 levels. Trading consistently above 46,600 levels would lead towards the strong resistance at 47,250 levels, and then finally towards the Major resistance at 48,160 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1-45,350 / $ 19.68 R1-46,450 / $ 20.32
S2-44,600 / $ 19.20 R2-47,250 / $20.72
Weekly Recommendation: Sell MCX Silver March between 46,400-46,500, SL-46,901, Target -45,500.
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