SILVER TRADING RANGES
S1- 53800 / $ 28.40 R1- 56100 / $ 29.60
S2- 52200 / $ 27.60 R2- 57800 / $ 30.50
weekly chart above opened at 55008 levels. Silver moved sideways for the week making a high of 55500 and low of 53892. Silver closed the week at 54864. On weekly chart, Silver made a DOJI candlestick pattern, a state of indecision between bulls and bear. Silver has also cleared a 24 weeks channel closing below the lower boundary of the channel indicating bearishness.
For the next week we expect Silver prices to find support around 53800 levels. Trading consistently below 53800 levels would lead towards the strong support at 52200 levels and then finally towards the major 51000 levels.
Resistance is now observed around 56100 levels. Trading consistently above 56100 levels would lead towards the strong resistance at 57800 levels, and then finally towards the major Resistance at 59000 levels.
S1- 53800 / $ 28.40 R1- 56100 / $ 29.60
S2- 52200 / $ 27.60 R2- 57800 / $ 30.50
weekly chart above opened at 55008 levels. Silver moved sideways for the week making a high of 55500 and low of 53892. Silver closed the week at 54864. On weekly chart, Silver made a DOJI candlestick pattern, a state of indecision between bulls and bear. Silver has also cleared a 24 weeks channel closing below the lower boundary of the channel indicating bearishness.
For the next week we expect Silver prices to find support around 53800 levels. Trading consistently below 53800 levels would lead towards the strong support at 52200 levels and then finally towards the major 51000 levels.
Resistance is now observed around 56100 levels. Trading consistently above 56100 levels would lead towards the strong resistance at 57800 levels, and then finally towards the major Resistance at 59000 levels.
