SILVER:- Weekly Technical Report:- 18.06.2012 to 22.06.2012
MCX Silver July as seen in the weekly chart above has opened at 54,315 levels initially moved sharply higher, but found
resistance at 55369 levels. Later prices fell sharply towards 53,951 levels and finally closed higher from the previous weeks
closing levels.
For the next week we expect Silver prices to find strong support in the range of 53,800-53,700 levels. Multiple closing below
53,700 levels would indicate that a short term top has been posted and thereby would open the door for a new leg down
initially towards 53,190 then 52,488 and then finally towards 50,880 levels.
Strong Resistance is now observed in the range of 55,280-55,400 levels. Daily closing above 55,400 levels would renew the
previous rally initially towards 56,034 levels and then finally towards 57,400 levels.
MCX Silver July as seen in the weekly chart above has opened at 54,315 levels initially moved sharply higher, but found
resistance at 55369 levels. Later prices fell sharply towards 53,951 levels and finally closed higher from the previous weeks
closing levels.
For the next week we expect Silver prices to find strong support in the range of 53,800-53,700 levels. Multiple closing below
53,700 levels would indicate that a short term top has been posted and thereby would open the door for a new leg down
initially towards 53,190 then 52,488 and then finally towards 50,880 levels.
Strong Resistance is now observed in the range of 55,280-55,400 levels. Daily closing above 55,400 levels would renew the
previous rally initially towards 56,034 levels and then finally towards 57,400 levels.
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