MCX Silver July contract inched 205 points up and closed at 38447. Today the area of 38040-37970 is a very strong level. If fail below these levels then we will see attempts towards 37600-37300 zones. Areas of 37550 will remain important to watch and any failure of this level will bring more weakness. Today is Resistance will be around 38450-500 for the day and if sustained above these levels then will offer a rally towards 38800-39200. A strong key resistance will remain at 39200 and any closing above this level will call for attempts towards 40000-40500 or more possible.
Silver trading range for the day is between the support at 37970 and resistance at 38450.
â€¢Today again buying silver on decline around 38250-38150 with stop loss below 38000 for targeting 38600-38900-3900-39600 and more upside might be appropriate.
â€¢In alternative scenario buying above 38450 with stop loss below 38230 for targeting 38750-38950-39200 and more upside might be appropriate.
â€¢Selling below 38000 with stop loss above 38200 for targeting 37700-37400 and more down side might be appropriate.
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