MCX Silver daily chart technical analysis
MCX Silver future on last session closed at 47,467 with gain. On daily chart, silver future price trend and momentum both are up and trading above all short term averages. Daily chart are near overbought zone and with bullish divergence suggesting underlying demand momentum.
For next week, mcx silver future support zones are 47,000 and 45,800 while on upside expect strong supply from market at 48,000 and then 50,200.
Traders above 45,800 must follow buy on dips trading strategy and expect higher targets of 48k and then50, 200 if momentum continues. As indicators are near overbought zone expect some downside and consolidation and then a strong up move.
MCX Silver weekly chart technical analysis
MCX Silver future this week closed with almost 2% gains. This week mcx silver future high was 48,090 while low was at 46,932. Total 2200 rupee or 4% weekly swing for prices and final closing is with gain.
On weekly chart, mcx silver future price trend is down but momentum is clearly on recovery side that why we seen almost 5000 rupee rally in price in very short time. Now prices are trading above 6-month average while just closed below 12-month average.
From medium to long-term view, mcx silver future support zones are 45,000 and then 43,000 while on upside 48,000 and 49,800 are strong resistances. 48k is 12-month average level while 49,800 is 24-month average zone. Weekly chart indicators pattern are strong bullish and suggesting rally will continue for upcoming weeks.
Swing traders and investors above 45k keep buy on dips view for targets 48k and then 49.8k.