Wednesday, August 22, 2012
MCX Gold and Silver Tips For Week
MCX Gold prices increased by 0.4 percent last week. Spot Gold prices closed by 0.1 percent lower on Friday. It touched intraday low of $1589/oz and closed at $1615.3/oz. Gold prices was influenced by many factors like strength in US Dollar index and also from weak economic data from China. Experts believes that in coming week in MCX market appreciation in Indian rupee may restrict gains in Gold prices while Spot gold may trade sideways taking cues from US Federal Reserve policy.
Experts Recommendation – Buy MCX Gold October between 30,080 and 30,060 with stop loss of 30,000 and target of 30,250/30,350.
MCX Silver prices increased by 0.2 percent due to depreciation in Indian rupee while Spot Silver prices declined by 0.1 percent last week with touching weekly low of $27.5/oz and closed at $28.05/oz . MCX Silver closed at 53,610/kg after touching high of 53,890/kg. Silver prices were affected by mixed global market sentiments.
Experts Recommendation – Buy MCX Silver between 53,350 and 53,300 with stop loss of 52,900 with target of 54,230.