Gold Prices have been trading in a consolidation phase with slight  positive bias towards 29100/29170, but we are not expecting major  rallies until it cross above the 29250 region and such initiative lift  prices towards 29330/29400 or even higher. Conversely  unexpected fall below 28800-770 region may drag down the prices  firstly to 28670/28450. 

In Silver, a swing higher is anticipated earlier in the evening. However, inability to clear 57600 on such attempts would invite a major bear plunge targeting 55000 or even 52000 in an extreme scenario. Alternatively, a push past 57600 could put bearish doubts on hold, and a direct rise past 58200-400 would straight away call for 62000

So far prices have been trading in a range with less indicative. While  on later sessions, we favoring early trades to be positive pointing  towards 28800, but unlikely to continue that buying momentum unless above 28830 region. Above 28830 we could expect  28980/29100. Conversely a vertical drop though 28550 region
would be an indication for weakness towards 28450/300 then to  28100. 

A flat trading range is expected today. Early attempts to a rise would be capped near 57600-900 regions but may not call for steep fall  unless close below 55300, where the 51 day moving average  support is placed. 

 

MCX Gold Updates
Prices looks exhausted after recent runs and have been trading in a  range of (28840 – 28710) since morning to till this time. So when we look forward prices need to hold the region of 28630 to keep the bullish momentum towards 28870/29100 region or even higher. Else, break below the region of 28630 may see a corrective
dip possibly till 28550/28300.

MCX Silver Updates 

Prices have been challenging the crucial resistance of 58300. To  hold initially for a corrective dip lower, but break of the same is favored later to the session and possibly took for an upside target  of 59300/61400. Conversely a direct drop below 56500 could attract long liquidation pressure till 54600/51500 later.
 

COMEX Silver is in a slightly downward in trend.  Last week COMEX Silver was trading in a range for the whole week. For the upcoming week 2600 and 2400 are the crucial supports and 3800 and 4100 are crucial resistance in COMEX Silver. In
MCX Silver, 62000 and 65000 will act as major resistance and 45000 and 42000 will act as major supports.

Technically COMEX Silver is consolidating on charts. For the next week traders can use buy on lower level strategy if Silver sustains above the level of 3570$ an ounce, then above 3600$ COMEX Silver can test the level of 3660/3720 an ounce. And in MCX Silver sustains above 57200 then it can test the level of 58500/59800, Trade by keeping the
proper stop losses.

 

Possibilities for further gains are still in the picture. But before this  price action, we expect prices to take a dip lower towards 27470  region to involve fresh buying towards 27780/28000 then to  28130.Alternatively, successful trades below 27400 could dilute our  buying expectations and would drag down price towards 27240/27100 followed by major crucial region of 26900. Anyhow for the day we favor choppy trading with positive bias.