Silver Report May June-2012

MCX Silver is following a downward rally since March 2012. In the first week of March it gave a false break out above 58300

Indore, India (prHWY.com) May 25, 2012 - MCX SILVER View:
MCX Silver is following a downward rally since March 2012. In the first week of March it gave a false break out above 58300 (See above chart) and then it could not able to sustain above this level and prices declines to 51200 in 10 weeks. In the previous week a sharp recovery has seen from its support zone of 49000 to 51000. It gained nearly Rs.3000/Kg in one week. A sharp decline in Rupee vs. Dollar has also supported silver prices. We can expect a bullish trend in silver in the upcoming week because of the
following reasons:-
* As we can see the weekly chart of MCX Silver, it has given previous week closing near 54500 which is 3000 points up of its weekly low and thus formed a strong bullish hammer near its strong support zone.
* Silver is moving below the trend line since first week of April. A bunch of weekly resistances near 54500 is a hurdle in up rally. If silver breach the resistance zone the next target is 58300.

Technical Analysis:

Moving averages:

Moving Averages 21 Day 55 Day 100 Day 200 Day
Daily 54400 55250 55650 55550
Weekly 55700 54250 49700 41300

Weekly Pivot:

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 64150 60600 57050 55800 55500 52270 49960 46400 42850
Monthly Pivot:

SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
SILVER 66050 62670 59300 57400 55900 53600 52520 49100 45700

Latest Updates:

May 23rd:
Silver futures seen subdued on strong dollar, but weak rupee prevents sharp fall.
May 21st
Silver's Rally Will Look to Continue in 2012 as China Begins Trading Silver Futures.
Apr 30th
Silver import in Gujarat jumps by 194% in 2011-12
Apr 19th
Physical Silver Investment Saw "Massive" Growth Last Year
Apr 10th
India Silver Bullion Imports "To Drop by 27%"

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