Silver May In Sideways Trend, Resistance At 48000-48100 levels
CommodityOnline | Mar 18, 2014 05:06AM ET
MCX Silver May as seen in the weekly chart above has opened the week at 45,880 levels and during the same time prices rallied 1.90% sharply higher towards the 47,877 levels, but could not able to breached the resistance of 48,000 levels and corrected back from the higher levels. During this week price are able to close above 47,000 levels and finally closed at 47,084 levels.
For the next week we expect silver prices to find support in the range of 45,500 – 45,400 levels. Trading consistently below 45,400 levels would lead towards the strong support 44,000 levels and then finally towards the major support at 42,500 levels.
Resistance is now observed in the range of 48,000 – 48,100 levels. Trading consistently above 48,100 levels would lead towards the strong resistance at 48,500 levels, and then finally towards the Major resistance at 49,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 - 45,500 / $ 20.60 R1 - 48,100 / $ 21.90
S2 - 44,500 / $ 20.00 R2 - 49,500 / $ 22.50
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