mcx silver price daily chart forecast
mcx silver future on last trading session closed at 45079 with gains.on daily chart mcx silver short term trend is down while momentum is on recovery side.on downside mcx silver weekly average is 44800 is first support on downside on daily chart.on upside 45800 is month average and 50k is 3 month average both these levels are strong short term resistances on chart.below 44800 next support will be 43k.on indicators mcx silver daily cci level is –10 and with bullish divergence.while mcx silver daily rsi is at 37 and off the oversold zone.
mcx silver price weekly chart forecast
mcx silver future this week closed flat.on weekly chart we can see absolute downtrend of silver prices and momentum also still on supply side.on upside all major medium to long term averages are in 54.5k to 55k zones.while on downside 43k is last support on weekly chart below that 38k will be next major support zones.on upside 49k is in-between small resistance from medium term view.on indicators mcx silver weekly cci is –179 and in oversold zone.while mcx silver weekly rsi is 32 and off the lows.
mcx silver price forecast for 6 to 10 may 2013
for next week,above 44800 on closing basis may continue to show recovery rally.but buy above 45800 if sustains.on upside 47k-49.5k remain as target zones.if if fails to breakout may result in reversal selling pressure and we may see 43 k levels again.
from medium to long term view,49.5k is weekly trailing stoploss for all shorts and 43k and then 38k is downside targets for mcx silver future.fresh investment or long side suggested above 50k if prices sustains.