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Bullion metals could not extend the bullish trend seen on Wednesday and prices witnessed a sharp decline today. MCX Gold has shattered 1.5% from the high it made yesterday. Sstrengthening of the rupee against the dollar and weaker trading seen in the international market has affected the Gold Silver prices in domestic market also, MCX Gold has come down below 30000 level and now trading near 29850 after declining 0.70% while silver has lost nearly 1% and it is trading near 55300 level.

Support for Silver could be sensed at 55000 level. Below this level we can expect silver prices to stumble further to 54600-54300 level.

Traders can initiate short selling in Silver today and the in Gold Buy on decline strategy can be adopted.


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