Monday, October 15, 2012
MCX Gold Silver Tips Trend
MCX Gold (Tips) December last week opened at 31332 levels and initially moved higher but found good levels at 31511 and after that prices fell sharply towards 31,081 levels and found support and rallied back to closed at 31281. Experts believes that this week gold prices is expected to find support in between 30900 and 31000 levels and further below strong support is seen at 30500 levels. Trading consistently below 30500 levels may finally move toward major support at 30,010 levels. Resistance can be seen in range of 31550 and 31600 levels and trading consistently above 31600 levels would lead to strong resistance at 31840 levels and finally to major resistance at 32400 levels.
S1-31000, R1- 31600, S2-30500, R2-31840
Sell MCX Gold December between 31500 and 31550 levels with stop loss of 31800 and target of 31100/31000.
MCX Silver December last week opened at 61725 levels and initially but found support at 61043 levels and after that prices rallied to 61897 and closed at 61200 lower from previous week. Experts believes that this week Silver prices are going to find support around 6000 levels and trading below 6000 levels would trigger intermediate support at 59500 and 59450 levels and finally towards major support at 58400 levels. Resistance can be observed in range of 62800 and 62900 levels and trading consistently above 62900 would lead to strong resistance at 63500 levels and finally towards major resistance at 64400.
S1-60000, R1-62900, S2- 59500, R2-63500
Sell MCX Silver December between 61800 and 61900 levels with stop loss of 62500 and target of 60750 and 60550.
Globally Gold dropped to 2-1/2 week low today extending losses from the previous session. Gold staged its biggest daily loss in more than two months on Friday, after data showed US consumer sentiment rose to a five-year high, adding to concern that the Federal Reserve's latest round of quantitative easing (QE3), aimed to improve job market and supporting growth, may be trimmed.