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MCX Gold Tips
MCX Gold is expected to trade lower during the week on the back of strength in the US dollar index coupled with weak sentiments in global markets. However, depreciation in the Indian Rupee may cushion sharp decline on the MCX. The daily price chart suggest that prices are trading near a crucial resistance of 28350 levels. MACD is in a sell mode. Immediate support is at 28200 levels where the short term averages are placed.
We Suggest to sell MCX Gold June Between 28400-28440, SL-28651, Target -27870.
MCX Silver Tips
In MCX Silver initial gains likely to face resistance at 56700 followed by a consolidation and drift lower. Prices have to successfully surpass 55000 to trigger long liquidation pressure. The daily price chart suggest that prices of MCX Silver have reversed after taking resistance at 58000 levels. RSI has given a negative crossover and prices are trading below short term averages.
We recommend a sell MCX Silver below 56700 levels with a stop loss placed above 57300 levels for a target of 55000 levels.
