In the last week, MCX July Silver prices opened the week at Rs 57,950/Kg, initially traded sharply lower and found strong support at Rs 56,050/Kg. Later prices bounced back from low and finally closed at Rs 57,568/Kg (April 28, Saturday) with a loss of Rs 586/Kg as compared with previous week’s close of Rs 58,154/Kg.
On the above Weekly Charts, Silver prices breached 13 week’s low and closed below its 10 & 20 week EMA (Exponential Moving Average) which indicates bearish market sentiments.
For this week, we expect Silver prices to find major resistance at 58,780 levels. Trading consistently above 58,780 levels would open the door for a new leg up initially towards 59,400 then 59,700 levels.
Strong Support is observed at 56,050 levels. Trading below 56,000 levels would give correction initially towards 55,500 and then finally towards the Major support at 55,000 levels.
NEAL BHAI:- 9999974733 & 9899900589
On the above Weekly Charts, Silver prices breached 13 week’s low and closed below its 10 & 20 week EMA (Exponential Moving Average) which indicates bearish market sentiments.
For this week, we expect Silver prices to find major resistance at 58,780 levels. Trading consistently above 58,780 levels would open the door for a new leg up initially towards 59,400 then 59,700 levels.
Strong Support is observed at 56,050 levels. Trading below 56,000 levels would give correction initially towards 55,500 and then finally towards the Major support at 55,000 levels.
NEAL BHAI:- 9999974733 & 9899900589
