Gold: On hourly chart, MCX Gold prices are trading below its Horizontal Trend line. Moreover, MCX Gold prices are trading below its 21 HEMA which suggest short term trend remains down. Moreover, Momentum Indicator RSI is trading below 50 levels on hourly time frame which indicates negative momentum to the prices. For now we expect prices should move lower towards 28200 levels in the coming trading sessions.
Outlook: Technically market is under fresh buying as market has witnessed gain in open interest by 1.39% to settled at 7066 while prices up 381 rupee, now Gold is getting support at 28500 and below same could see a test of 28000 level, And resistance is now likely to be seen at 28900, a move above could see prices testing 29300.
R2
|
R1
|
S1
|
S2
|
TREND
| ||
GOLD
|
29300
|
28900
|
28500
|
28000
|
SIDEWAYS
|
Silver: On hourly chart, MCX Silver prices are trading in Falling wedge pattern & are expected to break on the higher side. Furthermore, on COMEX Silver Prices has completed Bullish White Swan Harmonic pattern at $16.30 levels. In Addition, MCX Silver prices are trading above its 21 HEMA on hourly time frame which indicates positive momentum to the prices. For now we expect prices to move higher towards 41100 levels in few trading sessions.
Outlook: Technically market is under short covering as market has witnessed drop in open interest by -6.46% to settled at 12883, now Silver is getting support at 40500 and below same could see a test of 40000 level, And resistance is now likely to be seen at 41000, a move above could see prices testing 41500.
R2
|
R1
|
S1
|
S2
|
TREND
| ||
SILVER
|
41500
|
41000
|
40500
|
40000
|
SIDEWAYS
|
No comments:
Post a Comment