MCX Trade Tips

Gold the precious metals at the Multi Commodity Exchange of India (MCX) may trade lower on report of continuing positive sentiment in the market with regard to the global economy. MCX gold April contract is trading at Rs 589 down a marginal 0.032% as of 10:49 AM IST while MCX silver May contract is trading down by 0.01% at Rs 785.The present month and near month COMEX gold and silver contracts are also trading higher for the day

The Gold prices may target Rs 30,000 in the coming week due to Indian demand boosted from the occasion Akshaya Tritiya and as such it would be a good idea to buy gold before the auspicious day according to our "MCX Tips" Experts.

Akshaya Tritiya Demand
Akshaya Tritiya is on April 24 expected to boost the Indian physical demand. As in India many gold dealers are protesting over the recent hike in gold import duties as physical gold demand "remains low. Recently Indian government has doubled the import duty of gold. But it is expected that demand will pick up in near term as the Akshaya Tritiya festival will be celebrated in late April and it is second-biggest festival for buying gold.

MCX Silver:
Silver was moving higher previous session as euro surged against dollar but now it fall again In today's session Silver May contract at MCX trading at Rs 57059, down by 1.26 percent by 16:09 IST and touches an intra-day low of Rs 57854.

MCX SILVER May contract was trading at Rs 57015.00 down Rs 137.00, or 0.20%. It reached an intraday high of Rs 57182.00 and an intraday low of Rs 57030.00. So far 9209 contracts have been traded.

MCX SILVER July contract was trading at Rs 59167.00 down Rs 141.00, or 0.23%. It reached an intraday high of Rs 58650.00 and an intraday low of Rs 59587.00. So far 240 contracts have been traded.

GOLD (April)
Due to Budget proposal on Friday, smart rally at higher-side but yet again the selling pressure results in closes nearly 28810. But for present consider resistance at 28910-28210 reversal to sell side. The Trend Decider weekly 27820 to watch out.
For today Higher level resistance 28260-28231 watch out and support at 28100 in the near term and Short-term trend is bullish.Below 1710-1720.12, target 1665, 1650 and then 1610 mark easily.