EquityPandit’s Outlook for Silver for the week (April 15, 2019 – April 19, 2019):
No buying attraction has been seen in SILVER MCX and at any bounce selling pressure has been witnessed, Technically on the daily charts we see minor support on the downside for Silver Mcx Future lies in zone of 36500- 36400 levels, whereas minor resistance on the upside is capped around 37700 -37800 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 35500-35600 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 38700- 38800
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 38700- 38800 on upside and 35500-35600 on downside.