MCX Silver July as seen in the weekly chart above has opened at 54,327 levels initially moved sharply higher, but found resistance at 55,197 levels. Later prices fell sharply breaking both the supports towards 52,554 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Silver prices to find strong resistance in the range of 53,550-53,650 levels. Trading consistently above 53700 levels would trigger a minor rally initially towards 54,580 levels and then finally towards 56,200 levels.
Strong support is now observed in the range of 51,945-51,700 levels. Trading consistently below 51,700 levels would extend the current fall initially towards 50,930 levels and then finally towards the major support at 50,000 levels.
For the next week we expect Silver prices to find strong resistance in the range of 53,550-53,650 levels. Trading consistently above 53700 levels would trigger a minor rally initially towards 54,580 levels and then finally towards 56,200 levels.
Strong support is now observed in the range of 51,945-51,700 levels. Trading consistently below 51,700 levels would extend the current fall initially towards 50,930 levels and then finally towards the major support at 50,000 levels.
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