Silver closed the session through a cut of close to 1%. Silver closed below at the Rs. 52240 levels. Failure to close above this key near term average will see silver prices progressively testing downside levels of Rs. 51701.47 levels. Whole price Silver structure remains bearish and traders must use pullback rallies towards resistances for holding short positions. The Rs. 52612 —Rs. 53040.89 levels are very firm resistance for silver.
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MCX Gold Price:
MCX gold edges higher, resistance at Rs.27626-27731.25
MCX gold weakens, resistance at Rs.27706.98-27835.54
MCX Silver Price:
Silver rises, MCX silver resistance at Rs.53701.20
MCX silver weakens, resistance at Rs.53230-53313.45
MCX gold edges higher, resistance at Rs.27626-27731.25
MCX gold weakens, resistance at Rs.27706.98-27835.54
MCX Silver Price:
Silver rises, MCX silver resistance at Rs.53701.20
MCX silver weakens, resistance at Rs.53230-53313.45
MCX Gold Price for Today: 27541.24.
MCX Silver Price for Today:52575.00.
Debt crisis may impact Gold negatively.Gold broke above its 200 day affecting typical triggering technical buying by trend following funds totaling to the bullish environment.
MCX Silver Price for Today:52575.00.
Debt crisis may impact Gold negatively.Gold broke above its 200 day affecting typical triggering technical buying by trend following funds totaling to the bullish environment.
GOLD:
Dollar Index relocated due to Euro zone worries and ended a 52-week high of 81.60. The Dollar Strength and fresh up side break out turned out to be a bad news of Commodity market and fright on selling cannot be ruled out.Few volatility was seen during last week, which results in it making a low of 27272 and high of 27945.54, and finally closed at 27765.25. The whole short-term trend is positive and decline to buy side as long as holds 27501-27201, higher-level stiff resistance at 28250-28300 and fresh buying only above that level. Reversal to sell side.
Dollar Index relocated due to Euro zone worries and ended a 52-week high of 81.60. The Dollar Strength and fresh up side break out turned out to be a bad news of Commodity market and fright on selling cannot be ruled out.Few volatility was seen during last week, which results in it making a low of 27272 and high of 27945.54, and finally closed at 27765.25. The whole short-term trend is positive and decline to buy side as long as holds 27501-27201, higher-level stiff resistance at 28250-28300 and fresh buying only above that level. Reversal to sell side.
Gold and Silver Trend
Buy Gold in Dips with SL below 27400.25 Target 28300.45.
Buy Silver above 53500.87 Target 55000.65.
Buy Gold in Dips with SL below 27400.25 Target 28300.45.
Buy Silver above 53500.87 Target 55000.65.
