"MCX Gold and Silver Updates Tips For Day"
The Gold demand from India, the world's biggest buyer of the yellow metal, stayed muted as jewelers’ protests entered their thirteenth day. The Buying is very dull... jewelers are waiting for something positive to happen from the government. Indian jewelers, who started their strike on March 17, have been demanding removal of excise duty on unbranded jewellery and partial removal of import duty that was proposed in the budget.The Gold for April delivery on the Multi Commodity Exchange (MCX) was flat at 28,196 rupees per 10 grams. Silver for April delivery was also steady at 56,617 rupees per kg. More Information about MCX Gold Tips visit my site mcx-trade-tips.blogspot.com
MCX GOLD (JUNE)
The expiry is nearly at 5th April and a immense difference in next series indicates a high cannot be continued in next series owing to very high costs. In the last week it made a high of 28960 and lastly made a low of 286100, and almost closed near to weekly low. As rupees is going to build up, selling pressure at higher level cannot be ruled out. For this week, consider resistance at 28805-289600 and support at 28610-28310. Sell on Rise Strategy.
In the last week it was mentioned that 57860-58120 is a stiff resistance and double top formation was present there and at last made a high of 57896 and managed to close at 56890.The overall short-term trend is bearing consider resistance at 58000-58556. Eagerly watch resistance. If crossover with higher volume and added substantial open interest to time for short covering for bear and bulls will move forward to long side. On the flick side, consider support at 56450-568000, whereas the support and some smart money likely chase this support.