Mcx Silver Weekly Outlook – MCX Silver May as seen in the weekly chart above has opened at 36,777 levels. During this week’s open and high was same. This week prices fell sharply lower and made a low of 35,591 levels. This week prices closed below the previous week’s closing of 36,455 levels and finally closed 1.39% lower at 35,950 levels. Technically prices have formed “Bearish candlestick” showing down side strength
Silver Support & Resistance Level :
For the next week we expect silver prices to find support in the range of 35,200 – 35,300 levels. Trading consistently below 35,200 levels would lead towards the strong support at 34,500 levels and then finally towards the major support at 33,700 levels.
Resistance is now observed in the range of 36,500 – 36,600 levels. Trading consistently above 36,600 levels would lead towards the strong resistance at 37,350 levels, and then finally towards the major resistance at 38,000 levels.
Sell MCX Silver May between 36,500 – 36,600 Stoploss- 37,350 Target – 35,200 / 34,500.