Monday, October 08, 2012
MCX Gold Silver Tips
MCX Gold December last week opened at 31,502 initially moved higher marginally but found good resistance at 31,616 levels and after that gold prices fell sharply towards 31,041 levels and finally closed lower from previous weeks closing levels. INTRADAY TIPS. Experts believes that this week MCX Gold December prices are going to find support levels in the range of 30,930 and 30,900 levels and after below strong support is seen in range of 30,690 and 30,600 levels. Resistance is to be found in range of 31,270 and 31,300 levels and trading consistently above 31,310 levels would lead to strong resistance at 31,490 and finally towards major resistance at 31,840 levels.
S1-30,930, R1-31,280, S2-30,680, R2-31,490
Sell MCX Gold December between 31,270 and 31,300 levels with stop loss of 31,501 and target of 30,950/30,700 levels.
MCX Silver December last week opened at 62,642 levels and initially shown good growth but found resistance at 64,999 levels and later prices fell sharply breaking support levels towards 61,651 levels and closed lower from previous closing weeks levels. Experts believes that next week Silver prices are going to find support in the range of 60,650 and 60,600 levels and trading continuously below 60,600 levels would lead to strong support in the range of 59,500 and 59,450 levels and finally towards major support at 58,400 levels. Resistance levels can be seen in range of 62,800 and 62,900 levels and strong resistance is seen at 63,300 and 63,350 levels.
S1-60,650, R1-62,800, S2-59,470, R2-63,950
Sell MCX Silver December between 62,800 and 62,900 levels with stop loss of 63,401 and target of 60,700 levels.