MCX Gold- The daily prices have been hovering in the range of 25500-27000 from last two weeks. Price have bounced back after testing 25500 levels. Strong resistance is
seen at 26800-27000 levels. We expect prices to see a minor rally to test 26800
levels and then probably a fresh round of sell off to test 26200 levels. We
recommend sell on rise to 26750-26800 levels with a stop loss placed above 27100
levels for targets of 26400 / 26200 levels.
MCX Silver- Prices have been witnessing sideways consolidation moves in the range of 48000-
55000 levels. The daily RSI is still looking weak with lack of strength. Going
forward, we expect prices to see a fresh round of sell off from the resistances for
targets of 50000. We recommend traders to sell of rise to 53500-54200 levels with
a stoploss placed above 55500 levels for targets of 50000 levels.
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