mcx silver future outlook for 9 to 13 may 2016

mcx silver future outlook for 9 to 13 may 2016

Mcx silver future this week closed with loss on profit booking. This was first losing week for silver prices after last 4 weeks Bull Run.

 

For next week, mcx silver future outlook remain weak and silver might test major support and then move forward.

 

On weekly chart, mcx silver major support is at 40200 and above it outlook and strategy remain buy on dips for May series.

 

But currency trend suggest silver prices might test 40200 and then move upwards towards my tgts 44800 and 47300.

 

Weekly closing below 40200 means fresh downtrend and lower tops and bottom cycle for this commodity.

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