MCX Silver March as seen in the weekly chart above has rallied sharply breaking both the resistances, but finally found strong resistance at 53400 levels. Later prices corrected sharply towards 51871 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect Silver prices to find resistance at 53250-53300 levels although initial resistance is seen at 52400-52500 levels. Trading consistently above 53300 levels would continue the previous weeks rally initially towards 54200 levels, and then finally towards 55800 levels.
Support is now observed at 51250-51200 levels. Trading below 51100 levels would give correction initially towards 50270, and then finally towards the Major support at 49540.
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Neutral
S1-51250 R1-53250
S2-50270 R2-54300
Recommendation:
Sell MCX Silver March Between 52400-52500, SL-53450, Target -51250/50650.
International Spot Silver
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Neutral
S1- $28.63 R1-$30.74
S2-$27.54 R2-$31.76
Courtesy: Angel Commodities
