Silver daily chart technical analysis
Mcx silver on last trading session closed at 42,411 with loss. In this week all five session was in red for silver prices while last session was 10th losing session for silver. Daily chart silver price trend and momentum both are down.
For next week, mcx silver future support zones are 41,500 and 40,800 while on upside 43,200 and 45,000 are strong resistances. 45,000 is silver 1-month average and 45,600 is 3-month average. Indicators are bearish but in oversold zones, so technical bounce back is due ahead. For short sellers 43,400 is trailing stop loss for downside targets.
Silver weekly chart technical analysis
Mcx silver this week tumbled by almost 5%. Second losing week for silver and lost almost 11% in last 2 weeks. This week silver future hit high at 44,510 while low was at 42,411. Total 2100 rupees or 5.5% weekly swing and closed with huge losses. Weekly chart price trend and momentum both are down and silver prices are heading previous lows of 40-38k.
From medium to long-term view, 40,000 and 38,200 are support zones and on upside 43k and 45.5k are strong resistances. Major averages are way upside above these resistances.
Investors must keep wait, watch strategy, and see what happens near 38-40k zone. If prices falls below it then silver can show 28k levels in long terms.