Silver Weekly Outlook - MCX Silver July as seen in the weekly chart above has opened at 38,242 levels and made high of 39,150 levels. This week prices fell sharply lower and made a low of 36,725 levels. This week prices closed below the previous week’s closing of 38,349 levels and finally closed 3.49% lower at 37,010 levels. Technically prices have formed “Bearish candlestick” showing down strength.
Mcx Silver as expected last week silver made a rally to 39150 levels and could not sustain at higher level and fall down very sharply to 36725 last week and closed at 37010 down @ 1000 points to previous week’s closing technically as per candlestick pattern prices have formed bearish candlestick indicating lower for this week silver “bears” still have the firm overall near term technical advantage bulls next upside nearterm price breakout oject is to produce a close above solid technical resistance @ 40580 bears next near term price breakout objective is closing price below 35000 this week support is seen at 35600 and resistance is seen at 38500.
Silver Support Level :
For the next week we expect silver prices to find support in the range of 36,300 – 36,400 levels. Trading consistently below 36,300 levels would lead towards the strong support at 35,500 levels and then finally towards the major support at 34,800 levels.
Silver Resistance Level :
Resistance is now observed in the range of 37,800 – 37,900 levels. Trading consistently above 37,900 levels would lead towards the strong resistance at 38,600 levels, and then finally towards the major resistance at 39,200 levels.