MCX / Spot Silver Trading levels for the week (13.08.12 to 17.08.12)
MCX Silver September as seen in the weekly chart above has opened at 53,265 levels initially moved lower, but found support at 53,027 levels. Later prices rallied sharply towards 53,735 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 53,100-53,050 levels. Trading consistently below 53,050 levels would lead towards the strong support at 52,650-52,550 levels. Multiple closing below 52,500 levels would confirm that a short term top has been posted in the market and thereby correction can be expected initially towards 51,344 levels, then 50,850 and then finally towards the major support at 49,960 levels.
Resistance is now observed in the range of 53,810-53,860 levels. Trading consistently above 53,870 levels would lead towards the strong resistance at 54,240 levels and then finally towards the major Resistance at 55,050 levels.
NEAL BHAI 9999974733
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