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MCX  TIPS Silver silver December as seen in the weekly chart above has opened the week at 54,620 levels initially made a low of 54,551
levels and then rallied sharply throughout the week breaking both the resistances finally made a high of 61,180 levels. Later
prices corrected towards 55,125 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect silver prices to find Resistance in the range of 57,000 – 57,100 levels. Trading consistently
above 57,350 levels would lead towards the strong Resistance at 59,690 levels and then finally towards the major
Resistance at 63,750 levels.
Support is now observed in the range of 53,100-53,000 levels. Trading consistently below 52,900 levels would lead towards
the strong support at 50,540 levels, and then finally towards the Major support at 49,730 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1-53,050 / $ 22.82 R1-57,000 / $ 24.02
S2-50,540 / $ 22.20 R2-59,690 / $24.62
Weekly Recommendation: Sell MCX Silver December between 56,950-57,050, SL-58,201, Target -53,100.
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