Gold: Gold trading range for the day is 31350-30750. Gold is getting support at
30950 and below same could see a test of 30750 level, And resistance is now
likely to be seen at 31250, a move above could see prices testing 31350.
MCX Gold prices closed up on
Tuesday as China is considering devaluing the Yuan in order to gain an edge in
the trade war. On the daily chart, Gold has been trading between two
consecutive trend line and treading in the rang of 30900-30500. On the other
hand, price has taken a support of lower Bollinger band which indicate reversal
in the prices in short term. In addition, A momentum indicator RSI (14) has
also found the support of lower trend line on daily chart; which intimate
reversal sentiment in the prices. Therefore, we expect bullish move for near
term.
R2
|
R1
|
S1
|
S2
|
TREND
|
|||
GOLD
|
31350
|
31250
|
30950
|
30750
|
SIDEWAYS
|
||
Silver:Silver trading range for the day
is 39200-38500. Technically Silver is getting support
at 38700 and below same
could see a test of 38500 level, And resistance is now likely to be seen at 39000,
a move above could see prices testing 39200. Silver price closed up on Tuesday.
Overall, daily Silver has formed “Symmetrical Triangle’’ formation; which is a
indecisive in nature while global sentiment are positive for bullion; which
will give more positive strength to the prices. On the other hand, price is
taking a support of lower Bollinger band which indicate reversal in the price
in short term. Furthermore, A momentum indicator RSI (14) and MACD are also
moving near the crossover point on daily chart. Therefore, we expect bullish
movement in silver towards 39200.
R2
|
R1
|
S1
|
S2
|
TREND
|
||
SILVER
|
39200
|
39000
|
38700
|
38500
|
BULLISH
|
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