Gold (MCX-Dec'11): Gold breached all its support and finally broke 28000, but was unable to close below that. Still some downside is there in this counter, but at the same time bounce back or short covering also cannot be ruled out at current scenario.
Today's Tips: Buy Gold above 28275. TGT- 28350. SL- 28156. Sell only below 28090. TGT- 27990.
SILVER (March 2012)
Silver March as seen in the weekly chart, found resistance at 58000, then fell sharply lower towards 56000, and closed at 57000.
For the next week we expect Silver prices to find resistance at 58350. One should sell the position at that level. If trading consistently above 58400, it can trigger a sharp rally initially towards 59200, then 59850, and then finally towards 60500. For this swing, the 60000 level can be a last point this time. Above that a new trend formation can be noted.
Support is now observed at 56200-56000. Trading below 56000 would give correction initially towards 55650, and then finally towards 55500.