MCX Silver December as seen in the weekly chart above has opened at 60,900 levels initially moved sharply higher, but found resistance at 61,585 levels. Later prices fell sharply towards 60,335 levels, and finally closed marginally lower from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 60,300-60,250 levels. Trading consistently below 60,230 levels would trigger sharp correction initially towards the strong support at 59,700 levels and then finally towards the major support at 58,271 levels.
Resistance is now observed in the range of 61,240-61,300 levels. Trading consistently above 61,320 levels would renew the previous week’s rally initially towards 61,650 levels, then 61,960 levels and then finally towards the major Resistance at 62,190 levels. (NEAL BHAI 9999974733)
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