MCX Silver September as seen in the weekly chart above has opened at 52,721 levels initially moved sharply higher, but found resistance at 53,098 levels. Later prices fell sharply towards 52,305 levels, but recovered sharply towards 52970 and finally closed marginally higher from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 52,390-52,340 levels. Trading consistently below 52,340 levels would trigger a sharp correction initially towards 51,950 levels and then finally towards the major support at 51,350 levels.
Resistance is now observed in the range of 53,180-53,230 levels. Trading consistently above 53,260 levels would trigger a sharp rally initially towards the strong resistance at 53,540 levels, then 54,243 and then finally towards the major Resistance at 55,160 levels.
For the next week we expect Silver prices to find support in the range of 52,390-52,340 levels. Trading consistently below 52,340 levels would trigger a sharp correction initially towards 51,950 levels and then finally towards the major support at 51,350 levels.
Resistance is now observed in the range of 53,180-53,230 levels. Trading consistently above 53,260 levels would trigger a sharp rally initially towards the strong resistance at 53,540 levels, then 54,243 and then finally towards the major Resistance at 55,160 levels.
No comments:
Post a Comment
If you have any doubts, Please let me know