Silver Bearish, Resistance 45,600, 45,700
CommodityOnline | Jul 28, 2014 03:45AM ET
Resistance is now observed in the range of 45,600 – 45,700 levels. Trading consistently above 45,700 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 48,000 levels.
MUMBAI: MCX Silver Sept as seen in the weekly chart above has opened at 45,011 levels and made a high of 45,535 levels. During the week prices could not able to breach the resistance zone of 45,600 – 45,700 levels and corrected sharply towards the low of 43,728 levels. This week prices are able to close below the previous week’s low of 44,371 levels and finally closed 1.45% lower at 43,728 levels. Technically, prices have formed “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect silver prices to find support in the range of 43,200 – 43,000 levels. Trading consistently below 43,000 levels would lead towards the strong support at 42,400 levels and then finally towards the major support at 41,700 levels.
Resistance is now observed in the range of 45,600 – 45,700 levels. Trading consistently above 45,700 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 48,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 43,200 / $ 21.20 R1 - 45,600 / $ 21.30
S2 - 42,600 / $ 20.80 R2 - 46,600 / $ 22.80
Weekly Recommendation: Sell MCX Silver September between 44,800 – 44,900, SL- 45,700, Target – 43,200 / 43,000
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