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.
MCX Gold Levels for Week
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.
MCX Silver Levels for Week
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.
