Silver Sept In Resistance At 44600-42800 Levels
CommodityOnline | Aug 11, 2014 07:10AM ET
Trading consistently below 42,800 levels would lead towards the strong support at 42,000 levels and then finally towards the major support at 41,400 levels.
MCX Silver Sept as seen in the weekly chart above has opened at 44,427 levels and made a high of 44,640 levels. During the week prices could not able to breach the resistance zone of 44,600 – 44,700 levels and corrected sharply towards the low of 43,266 levels. In the mid of the week prices bounced from the lower levels towards the 44,308 levels and finally closed 1.91% lower at 43,580 levels. During this week prices have closed below the previous week’s closing and formed a “Bearish candlestick pattern” which is the sign of pessimism.
For the next week we expect silver prices to find support in the range of 43,000 – 42,800 levels. Trading consistently below 42,800 levels would lead towards the strong support at 42,000 levels and then finally towards the major support at 41,400 levels.
Resistance is now observed in the range of 44,600 – 44,700 levels. Trading consistently above 45,500 levels would lead towards the strong resistance at 46,600 levels, and then finally towards the major resistance at 48,000 levels.
MCX / Spot Silver Trading levels for the week
Trend: Sideways
S1 – 42,800 / $ 19.60 R1 - 44,700 / $ 20.50
S2 - 42,000 / $ 19.20 R2 - 45,500 / $ 21.00
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