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With a marginal decline on MCX, Gold is trading around Rs 29080. While silver has seen a fall of 0.45% till now and currently trading near Rs. 54240. Below are the support and resistance level of this precious metal-

First Resistance- 54750
Second Resistance- 55200

First Support- 54050
Seconf Support- 53550

Gold is currently trading slightly lower on MCX but the trend is likely to remain positive for the day. Currently gold futures (June Contract) is trading near 28850 it is facing a resistance at 29100 level.  Breaching this level  could bring back the bullish momentum in gold prices.

Below are the support and resistance  for this bullion Metal-

First Resistance- 29100
Second Resistance Level- 29300

First Support -28650
Second Support -28400

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Weakness in rupee against dollar has supported the prices of Gold and Silver in MCX. Yesterday, we recommended to buy precious metals on MCX, and today bullion metals are trading up. As long as Silver stay above 54450 mark, we advise to make buy position.

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MCX Silver- Buy  around 54450 for the targets of 54900-55500 Stoploss below 53750.

MCX Gold- Buy On dips around 28750, for the targets of- 28950-29200 Stoploss below 28450

Precious metals are witnessing  selling pressure due to decline in international market. Gold price in the domestic market has come below Rs 28,800. Currently gold is trading  near 28760. Silver is trading  around Rs 54,100.

Concern that Europe’s debt crisis will escalate lifted the dollar and decreasing demand has caused Gold prices to fall for a fourth day. Since prices has breached the crucial support level of 28800, so prices may correct upto 28500.

In Silver, Selling is recommended below 53900.

MCX Gold and Silver prices has shown a positive opeing as international precious metals has elevated too. MCX Gold is now trading above 29000 mark with a gain of nearly 0.40%. Its June contract is likley to rise further if prices manages to prevail above 29050 consistently.

MCX silver is also trading up nearly by 0.50%. technically the sentiments are looking positive and above 54150, we can expect silver to reach up to 54500-54750 level.

Though the market is looking positive but market anxiety still remains for a potential Greek
exit and a further weak Euro.

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Since Comex Gold and Silver has declined sharply today, prices are expected to decline in domestic market also. Comex Gold has slipped nearly 1.5% while silver on international market has dropped around 1.4%.

On MCX, Gold silver prices started the day with downside. Gold prices could not hold its recent gains and the same happened with MCX Silver also. Traders and investors of precious metals are adopting wait and watch policy, trying to assess what policy measures European officials will come up with.

Technically Selling pressure could be seen in Gold and Silver commodities. As long as Gold prices hold above 29900 we can not expect severe downfall in this metal. A trade above 29100 can bring a buying spark in the market.

In MCX Silver, go for buy buy on dips strategy.

Weakness in the rupee against the dollar has supported Gold silver prices in Domestic MCX market. Today MCX Gold is trading just near 29000 level with marginal loss on the other hand silver has shown some upside and its trading above 54150 level.

Since nearest support level for gold is Rs. 29000 so inability to prevail above this level for long may fortify the chances of decline in prices. This may cause prices to currect up to 28800 level.

Bullion Trading Tips-

Gold- Sell below Rs. 29000 with a stop loss placed above 29175 levels for target of Rs. 28800

Silver- Buy at or above 54150 with a stop loss placed below 53500 levels for target of Rs. 54800 

Gold rallied more than 1%, in its largest 2-day gain since October as investors consolidated their supported by strong buying above key support of positions ahead of the weekend G-8 meet & Silver futures prices however are quoting slightly down from the prior closing at Globex. Although the Asian $1,520 per ounce. equities rebound after the G8 meeting confirmed Greece’s presence in the Euro zone, we still doubt whether the country will be able to maintain its commitments regarding austerity. Hence, market will be eyeing the May 23 European summit. Silver is therefore likely to have a conservative move during the day. But the Euro’s rebound is expected to keep silver prices up. With absence of any economic releases from the globe, we recommend remaining long for the metal at lower prices. 

With 0.3 per cent gain on MCX gold is trading near Rs 29059 but Silver is facing downside after witnessing initial gains. Currently MCX Silver is trading around 54600 near its previous close. 

 Buy gold above 29095, Stop loss 29000, Target 29170. 

 Buy above 54800, Stop loss 54500, Target 55100.

Silver has shown a good recovery after  four straight sessions of downfall.  On MCX  Silver is trading with the gain of more than 1.50% and charts on Silver clearly depict  that prices have reversed after taking support at 51500.  RSI is in a buy mode and prices are expected  to go up to levels of 53500 very soon.
Trading Tips: Buy around 52450 levels with a stop loss near 51800 levels for targets of 53500

Spot gold drifted lower below $1560 an ounce, as the Euro sinks sharply against the US dollar. Ongoing political chaos in Greece raised concerns that the crisis will spill over to other debt laden European economies threatening the very existence of the Euro and dragging it down to four month lows. Euro zone finance ministers dismissed the talk of Greece leaving the Euro zone in their yesterday’s meeting also pressured the currency. However lower prices triggered strong demand for physical gold especially from Asian countries but as per reports gold refiners are struggling to meet their orders on a sudden surge in demand. Probable Chinese bank rate announcement, US inflation numbers and GDP data are 
the key releases investors are closely watching for the rest of this week. Prices have already cleared the strong support of $1560 an ounce in the previous session. As long as prices stay below the 
same expect healthy selling pressure towards 1545 initially, followed by 1520/1480 levels later. Ongoing candlestick formation is supportive for a long liquidation, but an oversold RSI might minimize opportunities of strong selling pressure in the short term. RSI of spot gold has dragged below 15, the lowest level seen since August 2008. At the same time a turn higher from the present levels are possible with probable upsides being 1596/1620 levels. However strong reversal is favoured only in a close above 1632 with stiff volumes.

MCX Silver June future opened in negative with 76 points down in today's morning trade. MCX Silver June contract opened at 56511 rupees and stays almost sideways to bearish  and now trading near its support level of 56000.

Silver is within striking distance of breaking the levels of 55700 which is  psychological level and . In earlier week,  it tested levels around 56000 and managed to close above it. This time it might break that level considering that the bounce off from last week support of 56033 didn't give a meaningful rally and sell off started as early as this week.

MCX Silver (July futures): Buy - 56 850, stoploss of Rs - 57 050 and the target - 56 450

MCX Gold (June futures): Buy Above 29200, Stoploss- 29050 Target-29500

MCX Crude Oil (May futures): Buy - 5610, stoploss of Rs - 5578 and the target - 5660

MCX Zinc (May futures): Sell - 107, stoploss of Rs - 108  and The Target - 106-105.50

As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.