MCX Silver daily chart technical analysis
Mcx silver future on last trading session closed at 47,054 with gain. On daily chart, silver after correction had taken support at its 3-month average in last week. Daily chart, silver future price trend and momentum both are bullish. For next week, 46,500 is month average support and 46k will be 3-month average support. On upside 47,500 and 48,200 are strong resistances as well as target zones for next week. Daily chart indicators also given strong reversal buy signal for same targets.
MCX Silver weekly chart technical analysis
Mcx silver future this week closed with almost 2% gains. This week silver future low was at 45,522 while high was at 47,877. Total 2500 rupees price range or 5% volatility in week and closing with gains. Weekly chart price trend is down but momentum is shifting towards demand side.
Prices are trading below 12-month average of 48k and 2 years average of 49,500. These are strong resistances on upside for medium to long terms. On downside, 45,500 and 43k are weekly closing basis support zones. Indicators pattern clearly showing recovery and traders above 43k use major correction to buy and accumulate for targets 48k and then 49.5k.