Silver May In Downtrend, Resistance At 42450-42500 Levels
CommodityOnline | Apr 07, 2014 05:06AM ET
MCX Silver May as seen in the weekly chart above has opened the week at 42,701 levels initially, moved marginally lower, but has found good support at 42,528 levels. Later prices rallied towards 43,440 levels, and finally closed marginally higher from the previous weeks closing levels at 42969.
For the next week we expect silver prices to find support in the range of 42,300 – 42,350 levels.Trading consistently below 42,300 levels would lead towards the strong support 41,600 levels and then finally towards the major support at 40,800 levels.
Resistance is now observed in the range of 42,450-42,500 levels. Trading consistently above 42,500 levels would lead towards the strong resistance at 44,100 levels, and then finally towards the major resistance at 45,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1-42,300 / $ 19.60 R1-43,450 / $ 20.20
S2-41,600 / $ 19.30 R2-44,100 / $20.50
Weekly Recommendation: Sell MCX Silver May between 43,400 - 43,500, SL-44,200, Target -42,300/ 42,000.
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