MCX Silver September as seen in the weekly chart above has opened at 53,402 levels initially moved sharply higher, but found resistance at 54,375 levels. Later prices fell sharply towards 52,960 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 52,500-52,400 levels. Trading consistently below 52,400 levels would trigger a sharp correction initially towards 51,700 levels and then finally towards the major support at 50,850 levels.
Resistance is now observed in the range of 53,600-53,700 levels. Trading consistently above 53,700 levels would lead towards the strong resistance at 54,417 levels and then finally towards the major Resistance at 56,100 levels.
For the next week we expect Silver prices to find support in the range of 52,500-52,400 levels. Trading consistently below 52,400 levels would trigger a sharp correction initially towards 51,700 levels and then finally towards the major support at 50,850 levels.
Resistance is now observed in the range of 53,600-53,700 levels. Trading consistently above 53,700 levels would lead towards the strong resistance at 54,417 levels and then finally towards the major Resistance at 56,100 levels.
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