EquityPandit’s Outlook for Silver for the week (Mar 18, 2019 – Mar 22, 2019) :
Silver MCX last week was not able to sustain above 100 EMA and 200 EMA and sharp selloff has been seen from those levels, Technically on the daily charts we see minor support on the downside for Silver Mcx Future lies in zone of 37000- 36900 levels, whereas minor resistance on the upside is capped around 40000- 40100 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 36000- 35900 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 40500- 40600
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 40500- 40600 on upside and 36000- 35900 on downside.