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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