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MCX Gold Tips
Gold futures advanced to their best level in 2 weeks, supported by a weaker dollar and expectations that the US Federal Reserve will remain open to more economic stimulus. MCX Gold June contract rose around 0.7 percent and touched an intra-day high of Rs. 29,043/10 gms. yesterday. MCX Gold suggest that prices have breached the resistance of 29000. Stochastic is in a buy mode. We expect prices to go up to levels of 29200.
MCX Silver Tips
MCX, Silver May contract gained around 1.3 percent and hit an intra-day high of Rs. 56,048/kg on Thursday. In COMEX Silver futures for July delivery jumped 2.8 percent to $31.276 an ounce on the Comex, the biggest gain since April 1. MCX Silver suggest that prices have reversed after taking support at 54500 levels. RSI is in a buy mode. We expect prices to go up to levels of 56500.
