Mcx silver weekly-hit high near 40300 given tgt 40633

Mcx silver future weekly technical analysis report for 29
may to 2 June 2017

Mcx silver future this week closed at 401115 with strong
gains on continues short covering as well as follow up buying. This week we saw
almost 1200 rupee gains for silver prices from lows. Mcx silver on reversal hit
target of 38500 and now heading for 40633 which will be next major swing
Mcx silver future price trend and momentum both above 39500
will remain buy for short term targets of 40633 and 41800 for next week. On
downside 39800 and then 39500 are strong support zones as well as buying
From investment point of view, mcx silver looks bearish and
given major breakdown in 2017 below 40500 support but now reversal move
suggesting it might heading for 40500 target.

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Pramod Baviskar

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