Gold and Silver Trading Tips

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.