MCX
Silver March as seen in the weekly chart above has opened at 58,200 levels
initially moved sharply lower, but found
good support at 57,705 levels. Later prices rallied sharply towards 58,730 levels, but could not sustain the gains fell back
lower towards 57850 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 57,680-57,650 levels. Trading consistently below
57,640 levels would extend the previous weeks fall initially towards the strong support at 57,180 levels and then finally
towards the major support at 56,200 levels.
Resistance is now observed in the range of 58,700-58,780 levels. Trading consistently above 58,800 levels would lead
towards the strong resistance at 59,450 levels, and then finally towards the major Resistance at 60,670 levels.
good support at 57,705 levels. Later prices rallied sharply towards 58,730 levels, but could not sustain the gains fell back
lower towards 57850 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 57,680-57,650 levels. Trading consistently below
57,640 levels would extend the previous weeks fall initially towards the strong support at 57,180 levels and then finally
towards the major support at 56,200 levels.
Resistance is now observed in the range of 58,700-58,780 levels. Trading consistently above 58,800 levels would lead
towards the strong resistance at 59,450 levels, and then finally towards the major Resistance at 60,670 levels.
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