MCX Silver May as seen in the weekly chart above has opened at 36,000 levels and at the same day it made a high of 36,188 levels. As expected during the week prices could not able to sustain on higher levels and corrected sharply towards weekly low of 34,887 levels. At the end trading session of the week prices bounced back from the lower levels towards 35,636 levels. This week prices closed below the previous week’s closing of 35,972 levels and finally closed 1.22% lower at 35,533 levels. Technically prices have formed “Bearish candlestick pattern” which indicates further weakness.
Mcx Support & Resistance Level :
For the next week we expect silver prices to find support in the range of 34,500 – 34,300 levels. Trading consistently below 34,300 levels would lead towards the strong support at 33,800 levels and then finally towards the major support at 33,000 levels.
Resistance is now observed in the range of 36,000 – 36,100 levels. Trading consistently above 36,100 levels would lead towards the strong resistance at 36,800 levels, and then finally towards the major resistance at 37,500 levels.