Silver Prices Lower Towards 39,525 Levels, Selling
CommodityOnline | Sep 22, 2014 06:24AM ET
Trading consistently above 40,300 levels would lead towards the strong resistance at 41,000 levels, and then finally towards the major resistance at 41,800 levels.
MCX Silver December as seen in the weekly chart above has opened at 41,400 levels and during this week made a high of 41,774 levels. During this week prices fell sharply lower towards 39,525 levels. This week prices have closed at lowest levels in 15 weeks and finally prices have closed 4.07% lower at 39,626 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
For the next week we expect silver prices to find support in the range of 39,400 – 39,500 levels. Trading consistently below 39,400 levels would lead towards the strong support at 38,500 levels and then finally towards the major support at 37,200 levels.
Resistance is now observed in the range of 40,300 – 40,300 levels. Trading consistently above 40,300 levels would lead towards the strong resistance at 41,000 levels, and then finally towards the major resistance at 41,800 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 39,400 / $ 17.73 R1 - 40,300 / $ 18.15
S2 - 38,500 / $ 17.32 R2 - 41,000 / $ 18.45
Weekly Recommendation: Sell MCX Silver December below 39,400, SL- 40,300, Target – 38,500 / 38,000
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.