MTECHTIPS:-gold and silver market
1.GOLD:- mcx gold currently trading at 29,229.gold made its high at 29,370 while today low was 29,190.on hourly chart gold given breakout but above it not sustained and now trading with fall.fed disappointment started sell off in comex gold but that much sell off not seen in domestic gold due to up-ticking of dollar index.traders below 29,300 stay short for targets of 29,200 and then 29,100.tomorrow weak rupee may support gold prices but as comes gold started sell off,mcx gold may show us below 29,000 levels.on indicators side rsi and cci both trending with sell signal!!gold spot(xau/usd) or comex gold trading at 1581 with today high at 1598 while low of 1571.we seen failure to breech 1600$ level which resulted in fall and news flow also supported it.here we expect that fall will continue and traders should expect levels of 1570 to 1550 again.gold around 1598 mad double top and that also a technical reason of sell off.for short positions stoploss should be above today high of 1598.
2. SILVER:- mcx silver currently trading at 52,790.silver recorded today’s high at 53,070 means almost touched today’s r2 and fall down!!while today’s low was 52,375.on chart silver also given bullish breakout but failed to sustain on follow up buying or increased volatility.for tomorrow traders below 52,800 stay short for targets of 52,500 to 52,300 while above 52,800 silver may give bounce back rally upto 53,600.silver spot(xag/usd) or comex silver looks weak and currently trading at 27.44.today’s high was recorded at 27.58 while low was 26.76.here traders stay short with stoploss of 27.6 for targets of 27 and below for tomorrow.silver also made “double top” around same 27.58 and from that point selling started.on indicators side no clear cut direction is seen!!
MTECHTIPS:-gold and silver market
1.GOLD:- mcx gold currently trading at 29,229.gold made its high at 29,370 while today low was 29,190.on hourly chart gold given breakout but above it not sustained and now trading with fall.fed disappointment started sell off in comex gold but that much sell off not seen in domestic gold due to up-ticking of dollar index.traders below 29,300 stay short for targets of 29,200 and then 29,100.tomorrow weak rupee may support gold prices but as comes gold started sell off,mcx gold may show us below 29,000 levels.on indicators side rsi and cci both trending with sell signal!!gold spot(xau/usd) or comex gold trading at 1581 with today high at 1598 while low of 1571.we seen failure to breech 1600$ level which resulted in fall and news flow also supported it.here we expect that fall will continue and traders should expect levels of 1570 to 1550 again.gold around 1598 mad double top and that also a technical reason of sell off.for short positions stoploss should be above today high of 1598.
2. SILVER:- mcx silver currently trading at 52,790.silver recorded today’s high at 53,070 means almost touched today’s r2 and fall down!!while today’s low was 52,375.on chart silver also given bullish breakout but failed to sustain on follow up buying or increased volatility.for tomorrow traders below 52,800 stay short for targets of 52,500 to 52,300 while above 52,800 silver may give bounce back rally upto 53,600.silver spot(xag/usd) or comex silver looks weak and currently trading at 27.44.today’s high was recorded at 27.58 while low was 26.76.here traders stay short with stoploss of 27.6 for targets of 27 and below for tomorrow.silver also made “double top” around same 27.58 and from that point selling started.on indicators side no clear cut direction is seen!!