SILVER UPDATES :-MCX Silver September as seen in the weekly chart above has opened at 52,805 levels initially moved lower, but found support at 52,502 levels. Later prices rallied sharply towards 53,589 levels, and finally closed higher from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 53,060-52,960 levels. Trading consistently below 52,950 levels would lead towards the strong support at 52,630 levels. Daily closing below 52,600 levels would indicate that the current uptrend has come to an end and thereby correction can be expected initially towards 52,204 levels and then finally towards the major support at 51,240 levels.
Strong Resistance is now observed in the range of 53,650-53,750 levels. Multiple closing above 53,750 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 54,280 then 55,050 and then finally towards the major Resistance at 56,500 levels.
(NEAL BHAI 9999974733)
For the next week we expect Silver prices to find support in the range of 53,060-52,960 levels. Trading consistently below 52,950 levels would lead towards the strong support at 52,630 levels. Daily closing below 52,600 levels would indicate that the current uptrend has come to an end and thereby correction can be expected initially towards 52,204 levels and then finally towards the major support at 51,240 levels.
Strong Resistance is now observed in the range of 53,650-53,750 levels. Multiple closing above 53,750 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 54,280 then 55,050 and then finally towards the major Resistance at 56,500 levels.
(NEAL BHAI 9999974733)
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