Mcx Silver Weekly Outlook report : 11-01-2015 – MCX Silver March as seen in the weekly chart above has opened at 36,627 levels and it made a low of 36,385 levels. In the beginning of the week price rallied sharply and made a high of 38,136 levels. Later on prices could not able to sustain on the resistance zone of 38,100 – 38,300 levels and corrected sharply towards 36,530 levels. This week prices closed above the previous week’s closing of 36,235 levels and finally closed 1.65% higher at 36,833 levels.
Silver Support & Resistance Level :
For the next week we expect silver prices to find support in the range of 35,800 – 36,000 levels. Trading consistently below 35,800 levels would lead towards the strong support at 35,200 levels and then finally towards the major support at 34,000 levels.
Resistance is now observed in the range of 37,600 – 37,800 levels. Trading consistently above 37,800 levels would lead towards the strong resistance at 38,500 levels, and then finally towards the major resistance at 39,000 levels.