EquityPandit’s Outlook for Silver for the week (April 01, 2019 – April 05, 2019):
Technically on the daily charts we see minor support on the downside for Silver Mcx Future lies in zone of 37200 -37000 levels, whereas minor resistance on the upside is capped around 38900- 39100 levels.
If Silver Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Silver Mcx Future can head towards major support on lower side around 36500- 36400 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Silver Mcx Future can head towards higher levels around 39500- 39600
Currently Silver Mcx Future is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 39500- 39600 on upside and 36500- 36400 on downside.