Monday, April 23, 2012

MCX Commodity Tips, Gold Silver Live Today: 24th April '12

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MCX Gold Tips
We expect spot gold prices to trade lower during the week, on account of rising uncertainty over global economy, a stronger dollar and mixed market sentiments. Additionally, Europe’s debt concerns still persist and any news or development from the Euro Zone front will affect the prices. MCX Gold Support 28300/27900 Resistance 28900/29200.

We recommend a buy around 28700 levels with a stop loss placed below 28500 levels for a target of 29000 levels.

MCX Silver Tips
We expect silver to trade lower this week, taking cues from fall in gold prices, a stronger dollar and weak sentiments in the markets. Silver will also take cues from movement in base metals pack. However, depreciation in the Indian Rupee may cushion sharp decline on the Indian platform. MCX Silver Support 56000/55500 Resistance 57300/58000.

We recommend a buy above 56500 levels with a stop loss placed below 55500 levels for a target of 59000 levels

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