Silver Dec Down Trend, Selling Recommended
CommodityOnline | Sep 01, 2014 06:10AM ET
Trading consistently below 42,400 levels would lead towards the strong support at 41,800 levels and then finally towards the major support at 41,200 levels.
MCX Silver Dec. as seen in the weekly chart above has opened at 43,499 levels and during this week as expected prices corrected sharply toward the weekly low of 42,507 levels. In this week prices could not able to breach the support levels of 42,500 levels and bounced back towards the weekly high of 43,727 levels. Again, in the end of the week prices corrected sharply from the higher levels towards 42,900 levels and finally prices closed 0.59% higher at 42,945 levels. Technically, as per the candlestick pattern prices have formed “Bearish Pattern” indicating down trend for the coming trading sessions.
For the next week we expect silver prices to find support in the range of 42,500 – 42,400 levels. Trading consistently below 42,400 levels would lead towards the strong support at 41,800 levels and then finally towards the major support at 41,200 levels.
Resistance is now observed in the range of 43,500 – 43,600 levels. Trading consistently above 43,600 levels would lead towards the strong resistance at 44,300 levels, and then finally towards the major resistance at 45,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 42,500 / $ 19.10 R1 - 43,600 / $ 19.90
S2 - 41,800 / $ 18.70 R2 - 44,300 / $ 20.20
Weekly Recommendation: Sell MCX Silver December between 43500 – 43600, SL- 44300, Target – 42500 / 42200
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