3 June 2016

Weekly Commodity Report 6 June 2016 to 10 June 2016

Weekly Support & Resistance for GOLD

Resistance: 29350-29600

Pivot: 29,150

Support: 28600-28400 

Gold: Last week MCX Gold Aug traded in negative and remains in the range of 28600-29150.US economic data and fed chair comment on possibility of moderate rate hike give strength to dollar index. In MCX if gold trades above 29150 can rise up to 29350-29600around 29600 faces stiff resistance.

Silver : In MCX silver prices also fall and trade in the range of 38300-39500.Bounce can be expected in silver prices if trades above level of 38800 further rise till 39400-39700 possible. Below 38300 levels of 37800-37600 expected.

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