FUNDAMENTAL NEWS:
MCX Silver Dec Contract moved in bearish trend in the week under the impact of FOMC statement where FED indicated that it could raise interest rate in its December meeting & also slashed its targeted inflation rate to 1.75% from 2%. This pressurized precious metal & it fallen from higher level. Silver Dec contract corrected 1632 points from its high of 37975 level & finally closed -1.22% at 36490 level.
For next week, we could observe volatile trading session where both side movements probable to happen under the influence of major international economic data & U.S.Dollar movement.
Silver Dec contract having support near 36000 to 35950 level. Below 35950, next support is near 35500 & 35300 & major support near 34850 level.
Resistances are near 36840 to 37000 level. Above 37100, next resistance is near 37450 level .Finally major resistances are near 37950 to 38300 levels.
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