Silver INR - Silver 1 KG 1 Month (MCX)
Supports - 39365, 34558
Resistances - zone from 44499 to 45683, 48498 & 51457
Silver USD - Silver Continuous (COMEX)
Supports - 18.665, 16.04
Resistances - 22.5, 26.43
Here's my opinion on Silver in US Dollars looking at Silver Continuous on COMEX & also in Indian Rupees looking at Silver 1KG 1 Month contract on MCX. I'm also looking at these two example to illustrate how correlation does not work for trading or investment. Included below are the charts, and also the details of support and resistances as seen on both the Silver contracts. Also do watch the videos below, in both English & Hindi for a more in-depth look at Silver.
We looked at Silver in April this year (linked below) & as suggested on the break of 51000 & 48500 Silver headed further downward & now is still looking weak at around 40500.
Will the down fall of silver end? Or is there more to go? - http://www.bluemetalmoney.com/4/post/2013/04/will-the-down-fall-of-silver-end-or-is-there-more-to-go.html
Now silver seems to be entering a base formation zone but it is still moving downwards. Strong long term resistances are at 54100 & 63490, minor resistances lie at 50190 & 59974. A critical support level is at 34558 & a very strong support lies at 26671. Minor support is also seen at 40370 which is just below the recent close price.
Supports – 40370, 34558, 26671
Resistances – 50190, 54100, 59974, 63490
For now Silver is continuing its downward trend and has not yet formed a base. If there is an up move, it might not sustain for a very long time, unless such an up-move is supported by a long sideways zone in the metal.