Despite a decline seen in Comex Gold Silver prices, precious metals started the trade with positive note in Indian commodity market. However the yellow metal started flat and currently trading near 29685 level while silver is moving relatively faster. MCX Silver is trading near 52120 level up 0.25%.

The trend is still seeking for direction and traders are waiting for some trigger price to confirm the trend.

Technically, Gold may surge above 29750 level and silver can take a leap above 52350 level.

MCX Silver Tips for Today- 

Buy above 29750 for the targets of 29850-29900-39300 and put a stop-loss of 29600

MCX Gold Tips- Buy above 52350, TG- 52500-52750-53000, SL- 52050

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.

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 has been on decline in Gold and Silver. A slight decline of near 0.50% is seen in Gold commodity. Silver is trading more than 1.5% behind its previous close. International gold and silver are also trading in negative zone. For Intra-day the the momentum is slightly negatively biased.
Commodity Gold Silver trading Tips-

Buy Gold near 26650-26750 TG- 26850-26900-27100 also keep a strict Stoploss below 26450

Buy MCX Silver above 53560 TG- 53900-54200.

Counter witnessed some sort of buying pressure in the early trading  sessions. For the day we expect this buying momentum may stretch  out till 27000-27050 region for a slid listlessly towards 26820 then  against 26650. Anyhow intraday weakness is expecting only below  26600 towards 26440/26300. Conversely any trades above 27050 would give a confirmation for further upside point to 27180/27360/27550.

A strong recovery from 50200 suggests the recent price action is  merely a consolidation of a triangle pattern. Intraday we favor a neutral to positive bias as long as 51300 hold the downside. On the higher side, rise above 52900 could rejuvenate buying interest and take prices higher towards 54400/55900 levels. It would be required to break 50100 to negate the view and take prices lower.

RGDY89X686UN 

Commodity Gold Tips for The week
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1800 $ an ounce, then above 1890$ it can test the level of 1912/1940$ an ounce and above 1950$ it can further move upward. And in MCX
Gold above 28400 it can test the level of 28600/28750/28900 and Below 27550 in MCX it can test the level of 27350/27060/26900. Trade by keeping the strict stop losses.

Major support for COMEX Gold in the coming week is 1750$ and 1680$.
Major resistance for COMEX Gold in the coming week is 1950$ and 1995$
Major support in MCX Gold is 26500 and 25200
Major resistance in MCX Gold is 28700 and 29000