Silver daily chart technical analysis
MCX Silver future on last trading session closed at 42,607 with gain. On daily chart silver price trend is down but momentum slowly sifting in bulls hands and bottom formation is going on. From short term view, silver future now has support zones at 42k and 41k while on upside 43,100 is 1 month average level and first resistance and above it 44,400 is 3 month average and next strong resistance. Below 44,400 overall sentiments will remain bearish for silver. Daily chart indicators pattern suggesting bottomed out stage for silver.
For next week, traders with stop loss below 42k can rise recovery rally for targets 43,100 and if close above it then 44,400.
Silver weekly chart technical analysis
MCX Silver future this week closed with gain. This week silver future hit high at 42,890 while low was at 41,760. Total 1200 rupee or almost 3% swing in prices and closed with gain. On weekly chart, silver future price trend and momentum both are down. Prices are now consolidating near 42k level before next move.
From medium to long term view, 40k and 38k are strong support zones while on upside 45k and 48k are strong resistances. 45k is 6-month average level and 48k is 12-month average level. Investor’s can wait for 40k to 38k levels for long-term entry.