MCX silver forecast 16 to 20 June 2014

MCX silver forecast 16 to 20 June 2014

MCX silver daily chart technical analysis

MCX silver future on last trading session closed at 41,875 with gain. On daily chart, silver is closed just below its 3-month average with strong recovery pattern. From short-term view, 41k is first support on downside, which is its 1-month average, and below it 39,800 will be next support of previous bottom. On upside 42,000 is 3 month average and strong resistance and above it 43k and 44k are next resistance levels for next week.

Traders here with stop loss below 41k can keep long view on silver and expect short-term trend breakout for target 43k to 44k.

MCX silver weekly chart technical analysis

MCX silver future this week almost rallied by 5%. This was second week of gains for silver. On weekly chart, silver prices are downtrend but formed bottom at 39,800 and now moving towards averages to test them. On upside 43k is 6 month average and 45k is 12 month average level and will remain strong resistances on weekly chart. On downside, 39,800 and 38k are strong support zones. Weekly chart indicators patterns are mixed, but as price pattern is in recovery expect prices to touch upside resistances in upcoming weeks.

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