MCX Gold Silver Tips For Today: 5th Mar '12

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MCX Gold (APR)

MCX Gold is Following the sharp sell off witnessed in the last week, prices have been consolidating in the range of 28150-27750 levels. Even any of the side violation is required to suggest fresh directional moves. For intraday, we expect a burst downside and take prices towards 27700 or further more. 

Here are some intraday levels for mcx gold-                                                      

	Technical Levels
R3	28620
R2	27370
R1	28150
Pivot	28000
S1	27800
S2	27540
S3	27150

MCX Silver (MAY)

While below the recent swing support of 59500 prices have more room for further selling pressure possibly till 58800/58000 or even more. However unexpected pullbacks above 59900 could negate our intraday bearish expectations. 

	Technical Levels
R3	63400
R2	61600
R1	59900
Pivot	59200
S1	58500
S2	57000
S3	54300

Medium Term Trading Strategy

Buy MCX Gold April contract at Rs 27,900 - 27,850 with stop loss Rs 27,800 and target Rs 28,000 and Rs 28,125.

Buy MCX Silver May contract at Rs 59,750 - 59,500 with stop loss Rs 59,000 and target Rs 60,750 and Rs 61,200.