MCX SILVER daily chart technical analysis
MCX Silver future on last trading session closed with loss. On daily chart, silver is trading below its 3-month average with bearish signals on indicators. For next week, mcx silver support zones are 43,800 and 43,000 while on upside 46,000 and 47,200 are strong resistances.
For silver, 46,000 levels is 1 month and 3 month average zone and remain strong resistance for short terms. Daily chart RSI is at 43with bearish divergence as well as CCI is -49 and heading towards -200.
Traders below 46k level keep sell on rise view for targets 43,800 to 43k in next week.
MCX SILVER weekly chart technical analysis
MCX Silver future this week tumbled more then 5% and closed below all medium to long-term averages. Reversal from12 month average level with strong negative move suggest primary trend is resumed for silver and now prices are heading towards previous lows.
On weekly chart, silver future has support levels at 43,000 and 40,000 while on upside 46,000 is 6 month average and first resistance and 47,500 is 12 month average and next major resistance zone. RSI is at 45 with fresh bearish divergence and CCI is -72 and heading towards oversold zone.
Here for short positions 46k is trailing stop loss for targets 43k and 40k.