9 March 2016


Gold: Gold prices couldn’t sustain at its swing highs at 30161 levels yesterday. Weakness below 29540 will see prices correct towards 29400 areas. Intraday pullback rallies will face resistance at 29930/30095 zones. A daily close below 29400 will trigger a correction towards 29080 levels.The above is hourly chart of Gold. It suggests that prices have immediate support at 29545 levels, which if breached then it can fall towards 29250 levels. On the upside, immediate resistance is located at 29720 levels. Trading Call: Sell below 29545 levels with a stop loss placed above 29720 levels for target of 29250 levels.
Silver: Silver can bounce higher until prices hold on above 37050 levels. Prices can test 37500 levels in that case. Areas between 36950— 36770 are strong support zones for the counter on the downside. Daily close above 37500 will see prices bounce towards 37950/38100 zones again.The above is hourly chart of Silver. It suggests that prices are trading in line with lower bollinger band levels. It is expeced to fall further till 36860 levels. Any pullback till 36350 would be selling opportunity for traders to take positions. Hence, bias is on the downside. Trading Call: Sell around 37350 levels with a stop loss placed above 37680 levels for targets of 36860 levels

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