MTECHTIPS MCX SILVER INTRADAY trading analysis 10-06-2016
DAILY :- Mcx silver future closed at 40921 with gain. Here above 40600 keep intraday long view and expect targets 4100 to 41400. My first swing long target is 41300.
WEEKLY :-Mcx silver future this week closed with loss. This was forth losing week for silver prices and in these 4 weeks silver lost almost 4000 rupee gains. For next week, mcx silver outlook remain bearish and selling might continue. On weekly chart, mcx silver shows support zones around 38200 and 37700. While on upside 39600 and 40900 are strong resistances. Silver traders below 39600 keep sell on rise view for tgts 38200 and 37700. On monthly chart, 36500 and 32400 are major supports and silver might test them if downtrend continues.