Weekly Support & Resistance for GOLD
Resistance: 29460-29800
Pivot: 29,064.0
Support: 28400-28000
Last week gold
traded in negative as all the US economic data were positive which raised the
hope of rake hike by Fed in this upcoming month of June. As a result dollar
index rose above 95 which drag the prices of precious metal. Market
participants currently see a 26-percent chance of a June rise, with 56 percent
expecting it in July
In MCX trading
range of Gold was 28600-29400.Next week may see some sideways price action in
precious metal prices.
Silver : In MCX silver prices also fall and trade
in the range of 38800-39700.Bounce can be expected in silver prices if hold
level of 39300 further rise till 39700-39800 possible. Below 38700 levels of
38200-38000 expected.
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