MCX Silver September as seen in the weekly chart above has opened at 54,002 levels initially moved sharply higher, but found resistance at 55,169 levels. Later prices fell sharply towards 53,000 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 52,650-52,550 levels. Trading consistently below 52500 levels would trigger a sharp correction initially towards 51,242 levels and then finally towards the major support at 50,730 levels.
Resistance is now observed in the range of 54,750-54,800 levels. Trading consistently above 54,800 levels would lead towards the strong resistance at 55,824 levels and then finally towards the major Resistance at 56,500 levels.
For the next week we expect Silver prices to find support in the range of 52,650-52,550 levels. Trading consistently below 52500 levels would trigger a sharp correction initially towards 51,242 levels and then finally towards the major support at 50,730 levels.
Resistance is now observed in the range of 54,750-54,800 levels. Trading consistently above 54,800 levels would lead towards the strong resistance at 55,824 levels and then finally towards the major Resistance at 56,500 levels.
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