WEEKLY CALL - Sell MCX Silver May between 46,800 - 47,100, SL - 48,000, Target – 45,500 / 45,200. MCX Silver May as seen in the weekly chart above has opened the week at 47,730 levels and at during the same time prices corrected 2.27% sharply lower towards the 45,835 levels. We have also seen that during this week prices breached the last week’ low of 47,181 level and finally closed at 46,205 levels For the next week we expect silver prices to find support in the range of 45,500 – 45,400 levels. Trading consistently below 45,400 levels would lead towards the strong support 44,000 levels and then finally towards the major support at 42,500 levels. Resistance is now observed in the range of 47,000 – 47,100 levels. Trading consistently above 47,100 levels would lead towards the strong resistance at 48,000 levels, and then finally towards the Major resistance at 48,500 levels.
Posted on: Sun, 09 Mar 2014 16:27:07 +0000