MCX Silver September as seen in the weekly chart above has opened at 53,260 levels initially moved sharply higher, but found resistance at 53,580 levels. Later prices fell sharply towards 52,202 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 52,200-52,100 levels. Trading consistently below 52,080 levels would trigger a sharp correction initially towards 51,500 levels and then finally towards the major support at 50,880 levels.
Resistance is now observed in the range of 52,950-53,050 levels. Trading consistently above 53,060 levels would lead towards the strong resistance at 53,490 levels. Multiple closing above 53,500 levels would indicate that a short term bottom has been posted and thereby new rally can be expected initially towards 54,225 and then finally towards the major Resistance at 56,200 levels. (NEAL BHAI)
For the next week we expect Silver prices to find support in the range of 52,200-52,100 levels. Trading consistently below 52,080 levels would trigger a sharp correction initially towards 51,500 levels and then finally towards the major support at 50,880 levels.
Resistance is now observed in the range of 52,950-53,050 levels. Trading consistently above 53,060 levels would lead towards the strong resistance at 53,490 levels. Multiple closing above 53,500 levels would indicate that a short term bottom has been posted and thereby new rally can be expected initially towards 54,225 and then finally towards the major Resistance at 56,200 levels. (NEAL BHAI)
Resistance is now observed in the range of 52,950-53,050 levels. Trading consistently above 53,060 levels would lead towards the strong resistance at 53,490 levels.
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