Mcx silver weekly-below 43150 downtrend begins

Mcx silver weekly-below 43150 downtrend begins Mcx silver weekly technical analysis 7 to 11 November 2016 Mcx silver future this week closed at 43425. This was third week of gains for silver prices and in these 3 weeks we saw rally from 41600 to 44000+. Mcx silver future price trend is bullish but momentum is losing out.   Mcx silver future above 43140 remain bullish and buy but prices are in overbought zone and seeing strong supply on higher level. On upside 45200 and then 48000 are resistances as well as target zones if silver prices breakout above 44200. On downside 43140 is major support and below it expect downtrend and downside target of 42000 and 40400 for silver prices.   Positional bullion traders below 43140 with stop loss above 44200 keep short view and expect 42000 and then 40400 as target zones for silver future in next week. From long term view, mcx silver is correcting and below 43400 expect correction to continue towards 38600.

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