Gold: Gold trading range for the day is 30900-30500. Gold is getting support at
30650 and below same could see a test of 30500 level, And resistance is now
likely to be seen at 30750, a move above could see prices testing 30900. MCX
Gold prices closed up on Friday, recovered in second half of the session and
traded near the previous close. On the daily chart, MCX Gold has been trading
between two congestive trendline and treading in the rang of 31000-30200. On
the other hand, price taking support of lower Bollinger band which indicate
reversal in the price in short term. In addition, A momentum indicator RSI (14)
has also found the support of lower trendline on daily chart; which intimate
reversal sentiment in the prices. Therefore, we expect bullish move for near
term.
|
|
R2
|
R1
|
S1
|
S2
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TREND
|
||
|
GOLD
|
30900
|
30750
|
30650
|
30500
|
SIDEWAYS
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||
Silver:Silver trading range for the day
is 38650-37900. Technically Silver is getting support at 38150 and below same
could see a test of 37950 level, And resistance is now likely to be
seen at 38350,
a move above could see prices testing 38600. MCX Silver price closed flat on
Friday. Overall, daily MCX 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 taking 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 38800.|
|
R2
|
R1
|
S1
|
S2
|
TREND
|
|
|
SILVER
|
38600
|
38350
|
38150
|
37900
|
BULLISH
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