Mcx silver 2017- above 40400 target will be 47500-56000

Mcx silver 2017 yearly technical analysis

Mcx silver 2017 yearly technical analysis

Mcx silver future this week closed at 40880 with gain. This was third gaining week for silver future and in these 3 weeks we saw rally from low of 38300 to highs of 41300. Total 3000 rupees gain and strong gains in short terms.   For 2017, mcx silver entered into bullish zone above 40400 and heading upward. Above 40400, mcx silver will remain buy for long terms and my technical targets for 2017 are 47500 and then 56000. This week was breakout from downtrend but it will get confirmed with next week’s closing.   Mcx silver below 40400 on weekly closing basis turn bearish and continues primary downtrend. On downside 31900 and then 24800 are support zones as well as target levels for silver future on breakdown. Mcx silver weekly chart indicators are oversold but mixed so upside still looking uncertain in longer terms for silver prices.

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Pramod Baviskar

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