In MCX Gold, present correction rally less likely to continue unless 27160 region  gives way, this would call for a swing lower towards 26900/680  with the participation of volume . If prices win over 27160 would elevate the possibility of a turn higher against 27260/27350 initially then to 27570.

After taking support just above the lower end of daily Bollinger  band i.e. 49750, Silver prices pulled back in the early session. Day’s bias  expect to resume the recovery moves towards 51100/51500 or even more. An unexpected sell off below 49700 would rekindle bearishness towards 47000 lat

The day's bias should stay largely range bound with mild positive bias. 27700-27560 would be the range we expect initially. Unexpected rise above 27700 could register fresh upside moves towards 27750/27930, mean while on downside it would be 27500.

The uptrend seen so far during the day may not continue unless consistently trade above 53500, else we would see a choppy session  with in the range of 53500-53750 levels.

We expect prices to resume the prevailing weakness towards  27500/27370 or even lower by holding the upside cap of 27780  region. But successful trades above 27800 region would hamper our bearish expectation and such moves could stretch to 27880/960  then top 28050. 

In Silver MCX early trades likely to cap 53500. If subsequent falls succeeds below  52500 expect steep falls towards 51900/51000 or even more. On the mean time, rallies above 54000 could attract short covering  rallies till 55750/56200 that we less expected the day

Though Gold managed to recover finally and closed in green but the broad negative bias is still intact. As far as MCX gold manages to hold 27700 level, a recovery move till 27850-28200 could be seen in today's trading session. A straight fall below 27350 can drag prices below 27000 level.

MCX Silver is also facing the same bearish trend. On Monday prices could not manage to close above 53000 level. Today, key support for Silver is seems to be 52450 which can cease the liquidation pressure in this precious metal. And below this level Silver may test 51900-51650 level soon. 54000 would be required to regain the bullish momentum in silver.

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.