silver tips

MCX Silver December as seen in the weekly chart above has opened the week at 54,507 levels initially moved marginally
higher, but found very good resistance at 54,787 levels. Later prices fell sharply breaking both the supports towards 49,160
levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect silver prices to find Resistance in the range of 51,500 – 51,600 levels. Trading consistently
above 51,700 levels would lead towards the strong Resistance at 53,800 levels and then finally towards the major
Resistance at 56,740 levels.
Support is now observed in the range of 48,250-48,150 levels. Trading consistently below 48,050 levels would lead towards
the strong support at 45,900 levels, and then finally towards the Major support at 44,600 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1-48,200 / $ 21.02 R1-51,500 / $ 22.50
S2-45,900 / $ 19.82 R2-53,800 / $23.65
Weekly Recommendation: Sell MCX Silver December between 51,450-51,550, SL-52,501, Target -48,300