Silver In Sideways Trend, Resistance 43500-43800
CommodityOnline | May 05, 2014 06:35AM ET
MCX Silver July as seen in the weekly chart above has opened the week at 43,428 levels and during this period prices made a high of 43,455 levels. During this week prices corrected sharply towards the low of 41,200 levels. At end of the week as expected prices bounced from the support levels towards 42,768 levels and finally closed 1.79% lower at 42,540 levels. During this week prices have closed below previous week’s closing of 43,315 levels and as per candlestick pattern it formed a “Bearish candlestick” which is the indication of bearish activity.
For the next week we expect silver prices to find support in the range of 41,200 – 41,000 levels. Trading consistently below 41,000 levels would lead towards the strong support at 40,000 levels and then finally towards the major support at 39,000 levels.
Resistance is now observed in the range of 43,500 – 43,800 levels. Trading consistently above 43,800 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: Sideways
S1 - 41,200 / $ 18.80 R1 - 43,500 / $ 20.00
S2 - 40,000 / $ 18.30 R2 - 45,000 / $ 20.60
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.