MCX Silver Daily chart technical analysis
MCX silver future on last session closed at 43,309 with gain. On daily chart, silver future price trend and momentum both are down. Silver is trading below all short-term average and heading towards lows. For next week, mcx silver future resistance levels are 44,500 and then 45,400 while on downside expect some support at 43,000 and then 41,800. Below 45,400 overall strategy remain sell on rise. Major indicators are with absolute sell signals. Silver prices are follow metal trend and may show lower levels up to 41,800 in next week.
MCX Silver weekly chart technical analysis
MCX silver future this week closed with loss of 3%. This week mcx silver price high was 45,440 while low was at 43,080 and closed near low. On weekly chart, mcx silver is in bear market and after technical bounce back once again resumed downtrend and heading towards previous lows. On upside 46k is mcx silver price 6-month average and strong resistance level. Below it on weekly closing basis, keep sell on rise view. On downside, 42,000 and then 40,000 are medium term targets for silver future. Weekly chart indicators are suggesting fresh breakdown for deep downside targets.