MCX Trade Tips

At the Multi Commodity Exchange of India (MCX), Gold and Silver are trading up on Thursday subsequent to US Fed statement hinted at possible monetary easing if needed.



MCX Gold June contract is trading at Rs 28987, marginally up by 0.07% while MCX Silver May contract is trading at Rs 55780, up 0.28%. At the COMEX, equally silver and gold contracts are having high trading trend.US Fed stated that current policies were guiding the economy on the right track. In the meantime, the United Kingdom officially slip back into recession after its first quarter GDP contracted by 0.3%.

MCX View for the day
The precious metals are trading higher on COMEX today and prices are expecting to trade remain under pressure on account of gains in equities and expectations the central bank could do more if necessary to lift the economy.

MCX Gold June Support Rs 28910/Rs 27830/Rs 278720, Resistance Rs 28928/Rs 28983/Rs 29357.

MCX Silver May Support Rs 55610/Rs 54450/Rs 53821, Resistance Rs 55710/Rs 56410/Rs 56850