MTECHTIPS gold comex
and mcx intraday analysis
gold continues its downtrend and currently trading at 1576.on
intraday chart looks oversold but on daily chart fresh breakdown seen on rsi. for
tomorrow outlook remain negative with downside targets of 1565 to 1550 while
stoploss should be at 1587.this look like this downside move will last upto
1480.for intraday 1584 is strong supply area now.
on domestic front,in mcx gold closed at 29,431.tomorrow
expect gap up opening if rupee open weak as dollar index above 83.if rupee
continue to be strong then we will see sharp selling in gold.mcx gold has major
support at 29,250 below that expect bearish rally upto 28,700.
MTECHTIPS Silver comex and mcx intraday analysis
silver also continues its downtrend. currently trading at
26.85.silver after opening strong in week slipped to recent lows.on intraday
chart looks oversold so small bounce back is due.for tomorrow traders go short
around 26.9-27 with stoploss of 27.4 and expect targets of 26.4 to 26.this
downside move may last upto 24.15 while major weekly resistance will be 28.90.
on mcx silver trading once again below 53,000 and tomorrow
opening will depend on rupee.if rupee open weak then we may see flat to
positive opening but if rupee open strong then here selling will resume and
levels of 51800 to 51,300 will be expected.for short positions follow stoploss