MCX Silver daily chart analysis
MCX Silver future on last session closed at 46,313 with huge gains. That was breakout move with price action and strong buying volume. Mcx silver future short-term trend now bullish and momentum is hands of bulls.
For next week, silver prices support zones are 45,200 and then 44,400 while on upside expect strong resistance from market at 47,000 and 48,400. Mcx silver future daily chart indicators are bullish but trading in overbought zones so expect some cool off with correction, consolidation, and then fresh upside move for Mcx silver future.
MCX Silver weekly chart analysis
MCX Silver future this week closed with huge 5%+ gains. This week silver future low was at 44,411 while high was at 46,717 and closed near highs because of strong buying demand as well as sharp short covering in last session.
On weekly chart, silver future trend is down but momentum is bullish and so we are seeing recovery in market. MCX Silver future is now trading above its 6-month average and heading towards 12 and 24 month averages.
From medium to long term view, MCX Silver future support zones are 45,500 and then 43,000 while on upside expect strong resistances at 48,000 and then 49,600.
Swing traders and investors keep long view and those bought silver near 43k must wait for targets 48k and then 49.6k.