Tuesday, November 20, 2012
MCX GOLD SILVER TIPS FOR TODAY
The volatility may increase in Bullion’s on account of low trading volume due to upcoming U.S. Holiday. MCX TIPS. During last three years price of Gold and Silver rose on thanks giving week and fell back on Friday and if the same pattern continues it is possible that bullion will rise during first half of this week and fall on Friday. SILVER TIPS. Euro group summit could also affect the EURO and can affect Gold and Silver prices. The reports on U.S. Economy which seems to come soon could also affect the USD and Gold and Silver Prices.
Gold ended the week lower at $1714 how ever Gold is still on and above the long term upward trend line since 2008, which currently comes at $1642. Experts advice to remain bullish in the market as long as the market do not break the level of $1670. It is expected that Gold may restest level of $1796 high.
Silver closed the week lower at $32.36, support is at $30.65 and resistance is at $33.01.
Support – 31623.00, 31551.00, 31488.00
Resistance – 31758.00, 31821.00, 31893.00
Support – 61149.00, 60701.00, 60441.00
Resistance – 61587.00, 62117.00, 62565.00
Gold – Movement is up and Risk level is low
Silver – Movement is up and Risk level is Normal