Monday, September 24, 2012
MCX Gold Silver Tips and Trend for this week
MCX Gold October last week opened at 31,842 and at start showed good move on upper side but find good resistance at 32,095 levels. Later prices fell sharply towards 31,455 levels and finally closed lower from previous weeks closings. GOLD TREND TIPS. Experts believes that this week gold prices are going to find support at the range of 31,375 and 31,250 levels and trading consistently below 31,240 levels would hit sharp correction towards 31,186 initially and then 30,9894 and finally towards major support at 30,720 levels. Resistance is seen in the range of 31,685 and 31,705 levels and trading consistently above 31,710 levels would lead towards strong resistance at 31,910 and 31,930 levels and finally towards major resistance at 32,325 levels.
Expert Recommendation – Sell MCX Gold October between 31,680 and 31,700 with stop loss of 31,940 and target of 31,280.
S1-31,275, S2-30,984, R1-31,685, R2-31,930
MCX Silver December last week opened at 64,120 initially moved up but found good resistance at 64,840 levels and after sharp fall is seen in prices towards 63,111 levels and finally closed lower from previous weeks closing. SILVER TREND TIPS Experts believes that this week Silver prices are expected to find support in range of 62,250 and 62,600 levels and after that strong support is seen in range of 62,015 and 61,950 levels. It is expected that Silver prices are going to find major support at 59,700 levels. Resistance is observed in the range of 63,750 and 63,850 levels and if trading consistently above 63,900 would lead to strong resistance at 64,400 levels and finally major resistance at 65,500 levels.
Experts Recommendation – Sell MCX Silver December between 64,140 and 64,200 levels with stop loss of 64,801 and target of 62,650 and 62,000.
S1-62,650, S2-62,000, R1-63,750, R2-64,400