MCX Silver weekly outlook 10-14 Feb 2014

mcx silver daily chart

MCX Silver daily chart analysis

Mcx silver future on last session closed at 44,370 with loss. On daily chart mcx silver price trend and momentum is still down. Silver prices are trading below its 3-month average levels. In addition, after bounce back resumed downtrend and trending lower. For next week, mcx silver major resistance levels will be 45,200 and then 46,000 while on downside expect some support at 44k and then 43k. Mcx silver indicators are off the low and forming bullish patterns.

For next week mcx silver future outlook remain bullish and above 43k, traders can hold buy on dips view. On upside 45,200 and then 46k are target zones.


mcx silver weekly chart

MCX Silver weekly chart analysis

Mcx silver future this week closed with gain. This week mcx silver low point was 42,928 while high was at 45,223. Closed with gains and continuing recovery from lows. From medium to long-term view, mcx silver outlook is bullish and expect higher levels in upcoming weeks.

On downside 43k and 41k are major support zones on weekly chart while on upside 46k and 48.5k are strong resistance levels. On weekly chart, mcx silver price trend is still down but momentum is clearly shifting in bulls favors as we seeing bullish chart pattern are developing on mcx silver weekly chart.

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Pramod Baviskar

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