BUY SILVER DEC @ 46400 SL 46250 TGT
46550-46800.MCX
BUY GOLD OCT @ 31300 SL 31000 TGT 31400-31480.MCX
Gold: Gold trading range for the day is 31134-31424. Gold prices settled flat
but ended with gains on weekly basis after Fed sounded a cautious note on the
pace of interest rate hikes. In India, discount over the global spot gold
benchmark narrowed to $12 an ounce, from $20 last week. Asian physical gold
demand remained subdued in the week ahead of a national holiday in China.
Outlook: Technically
market is under long liquidation as market has witnessed drop in open interest
by -6.2% to settled at 6841 while prices down -51 rupee, now Gold is getting
support at 31208 and below same could see a test of 31134 level, And resistance
is now likely to be seen at 31353, a move above could see prices testing 31424.
R2
|
R1
|
S1
|
S2
|
TREND
|
||
GOLD
|
31390
|
31310
|
31200
|
31000
|
BULLISH
|
Silver: Silver trading range for the day
is 46244-47702. Silver dropped as investors chose to lock in profits after
gains seen as the Fed’s decision to leave interest rates unchanged continued to
support. Boston Fed President Eric Rosengren said that he believed interest
rates should be raised gradually now. Holdings at ishares silver trust gained
by 0.29% i.e. 32.48 tonnes to 11337.95 tonnes from 11305.47 tonnes.
Outlook: Technically
market is under long liquidation as market has witnessed drop in open interest
by -7.89% to settled at 8146, now Silver is getting support at 46531 and below
same could see a test of 46244 level, And resistance is now likely to be seen
at 47260, a move above could see prices testing 47702.
R2
|
R1
|
S1
|
S2
|
TREND
|
||
SILVER
|
47000
|
46600
|
46300
|
46100
|
BULLISH
|
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