Silver July In Up Trend, Support At 43700-43500s
CommodityOnline | Jun 23, 2014 04:42AM ET
Trading consistently below 43,500 levels would lead towards the strong support at 42,600 levels and then finally towards the major support at 42,000 levels.
MCX Silver July as seen in the weekly chart above has opened at 41,999 levels and prices made a low of 41,766 levels. During this week as expected prices rallied sharply higher towards the 44,840 levels and finally closed 6.44% higher at 44,570 levels. This week prices had breached 2 preceding month’s high and trading above it. Technically, Prices has formed a “Bullish candlestick pattern” which is sign of positive move.
For the next week we expect silver prices to find support in the range of 43,700 – 43,500 levels. Trading consistently below 43,500 levels would lead towards the strong support at 42,600 levels and then finally towards the major support at 42,000 levels.
Resistance is now observed in the range of 45,500 – 45,600 levels. Trading consistently above 45,600 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 47,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Up
S1 – 43,500 / $ 20.30 R1 - 45,600 / $ 21.30
S2 - 42,600 / $ 19.90 R2 - 46,600 / $ 21.80
Weekly Recommendation: Buy MCX Silver July between 43500 – 43600, SL- 42600, Target – 45600 / 46000
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