Silver Outlook - MCX Silver March as seen in the weekly chart above has opened at 34,498 levels and this week prices made a low of 33,832 levels. But this week prices could not sustain at lower levels and rallied sharply higher towards 37,846 levels. This week prices closed above the previous week’s closing of 35,363 levels and finally closed 3.78% higher at 36,699 levels. Technically prices have formed “Bullish candlestick”.
Silver Support & Resistance Level for Silver :
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 33,800 levels.
Resistance is now observed in the range of 37,100 – 37,200 levels. Trading consistently above 37,200 levels would lead towards the strong resistance at 38,000 levels, and then finally towards the major resistance at 38,700 levels.