MCX SILVER WEEKLY VIEW FOR THE WEEK 6.1.14 - 10.1.14

Outlook for SILVER for next week: -

Major Trend indicators: - MACD & TRIX broken zero line, ADX @ 14.77 {below 20}, Parabolic SAR @ 42496.3, check the chart

  

Momentum oscillators: - RSI @ 53.74, STOC @ 55.79 {trending zone} & WILLIAMS%R @ -7.71 {overbought zone}, Check the chart

Volume Indicators: - MFI @ 49.12, Volume oscillator @8.49, NVI @ 95.83 which is above to avg 94.84 & PVI @ 81.52 which is above avg 80.83 check the chart

  

Volatility Indicators: - ATR @ 999.32 & Silver Heading towards upper band is @ 45913.2 & middle band @ 44624.7 {Silver cmp 45475}, check the chart

Negative & Positive outs puts: - Silver {panic 44755} cmp 45475 which is above 20 ema @ 44670.77 but below 50 ema @ 45561.71, 100 ema @ 46423.74 & 200 ema @ 46910.96.

  

Conclusion: - Above 44546.33 {cmp 45475} it will find resistance @ 46657.66 for next week, once it crossed next rise to 47840.33 - 49951.66

Whereas Below 44546.33 it will find support @ 43363.66, if it breaks on closing basis, next 41252.33 - 40069.66 for next week

Overall trend turned bullish in Daily charts from 2.1.14 and bullish in weekly charts from 27.12.13

thanks,

regards,

Rajesh Saladi 

NSE certified Technical Analyst