SILVER WEEKLY OUTLOOK - MCX Silver May as seen in the weekly chart above has opened the week at 37,635 levels and at the starting of the week prices rallied sharply and made a weekly high of 38,588 levels. As expected prices could not able to sustain on higher levels and corrected sharply towards the weekly low of 36,085 levels. At the end trading session of the week prices again bounced back from lower levels towards 37,164 levels. This week prices have closed below the previous week’s closing of 37,349 levels and finally closed 1.70% lower at 36,713 levels. Technically prices have formed “Bearish candlestick pattern” which indicates further weakness.
SILVER SUPPORT & RESISTANCE LEVEL :
For the next week we expect silver prices to find support in the range of 35,800 – 35,600 levels. Trading consistently below 35,600 levels would lead towards the strong support at 34,800 levels and then finally towards the major support at 34,300 levels.
Resistance is now observed in the range of 37,500 – 37,600 levels. Trading consistently above 37,600 levels would lead towards the strong resistance at 38,300 levels, and then finally towards the major resistance at 39,000 levels.
SILVER WEEKLY CALLS – Sell MCX Silver May between 37500 – 37600 Stoploss- 38300 Target – 35600 / 35300