Commodity Call: Consolidation may continue for Silver Mcx

silver_21May4_190-mcx-commodityThe MCX Silver December futures are likely to consolidate in the near term, as long as the white metal finds support around Rs 44,000-odd levels.

However, in case, Silver futures are unable to sustain above Rs 44,000-level, we could witness fresh weakness with selling up to Rs 43,250-odd levels.

The weekly charts indicate that Sliver can slide to near about Rs 41,000-odd levels. However, the daily charts are in oversold zones hence we may witness some consolidation at current levels.

In case, of pull-back silver is likely to bounce back to Rs 46,300-odd levels.

Today, Silver MCX December futures may seek support around Rs 43,880-43,790-43,700, while face resistance around Rs 44,475-44,565-44,660.

Silver Mini MCX February futures may seek support around Rs 45,200-45,115-45,030, while face resistance around Rs 45,760-45,845-45,930.

MCX Silver Micro February futures may seek support around Rs 45,215-45,130-45,040, while face resistance around Rs 45,760-45,845-45,930.

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