Wednesday, September 12, 2012
MCX Gold Silver Trend and Tips
MCX Gold October contract closed at 31,876/10gms yesterday after touching intraday low of Rs 31,808/10gms. MCX GOLD SILVER TREND. MCX Gold witnessed correction in yesterday's trading session due to appreciation in the Indian rupee. Yesterday spot gold prices gained by 0.4 percent with back of strong global market sentiments. Weakness in DX helped in gains in gold prices alongwith expectaion that US Federal Reserve and Chinese government take positive steps to boost economy created positive market sentiments. Experts believes that in today's trading session sharp gains can be seen in MCX Gold prices due to appreciation in Indian rupee.
Support – 31800/31700, Resistance – 31980/32050
MCX Silver yesterday closed at 63,804/kg with intraday low of 63,638/kg. Appreciation in Indian rupee declined MCX silver prices by 0.3 percent. In global market spot Silver prices increased by 0.6 percent in yesterday's trading session. Overall gains in Silver prices seen yesterday also due to upside in base metals. Experts believes that due to appreciation in Indian rupee sharp gains in MCX Silver prices can be seen in today's trading session.
Support – 63500/63200, 64100/64500