MCX Silver Monthly report for November 2016

MCX silver Monthly report for November 2016

Free mcx silver monthly tips for nov 2016

Mcx silver future on last trading session closed at 43592 with gain. Mcx silver after sharp fall from 47k to 41k, consolidated for long time and now moving upwards. Mcx silver in last trading session given strong bullish breakout and changed trend for short to medium terms.   Mcx silver outlook for month of November remain bullish above 43150 support. Mcx silver future November resistances as well as target zones are 45200and then 48000. Positional bullion traders can keep buy on dips view for mcx silver future above 43150 and expect 45200 and 48000 as short to medium term target zones. Mcx silver future below 43150 on weekly closing basis turn bearish and sell. On downside mcx silver monthly support zones are 40400 and then 38300 and these are target zones if trend reversal happens.   Mcx silver weekly chart showing silver prices has taken support around 41k and no moving towards targets of 43350 which is achieved and above it 46100 and then 50900 are medium to long term target zones. On downside 38500 and 35700 are long term support zones as well as buying levels for long term investors. Mcx silver long term is bullish and above 35700 remain buy and accumulate.

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Pramod Baviskar

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