Silver Witness Down, Support At 37900-37800s
CommodityOnline | Oct 20, 2014 05:37AM ET
silver prices to find support in the range of 37,900 – 37,800 levels. Trading consistently below 37,800 levels would lead towards the strong support at 37,200 levels and then finally towards the major support at 36,100 levels.
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MCX Silver December as seen in the weekly chart above has opened at 38,730 levels and during this week made a high of 39,180 levels. During this week prices fell sharply lower towards 38,280 levels. And finally prices have closed 0.29% lower at 38,399 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 37,900 – 37,800 levels. Trading consistently below 37,800 levels would lead towards the strong support at 37,200 levels and then finally towards the major support at 36,100 levels.
Resistance is now observed in the range of 39,100 – 39,200 levels. Trading consistently above 39,200 levels would lead towards the strong resistance at 40,000 levels, and then finally towards the major resistance at 40,500 levels.
MCX / Spot Silver Trading levels for the week
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Trend: Down
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S1 – 37,800 / $ 17.00 R1 - 39,200 / $ 17.65
S2 - 37,200 / $ 16.70 R2 - 40,000 / $ 18.00
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Weekly Recommendation: Sell MCX Silver December between 39,100 - 39200, SL- 40,000, Target – 37,800 / 37,200
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