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In precious metals, silver XAG edged down 0.6% at USD 30.59 an ounce. Gold held above USD 1,644 on Thursday after the U.S. Federal Reserve`s meeting on interest rates offered few surprises, but gains in equities and expectations the central bank could do more if necessary to lift the economy may eventually spur buying from investors.
Despite a positive opening after yesterday’s sell off, prices continues to trade below the crucial supports. Day’s bias probably an initial up tick followed by continuation of selling pressure. However, strong liquidation pressure would be seen once it break 54500 with sturdy volume.
Intraday Trading Strategy
MCX Gold June contract may trade in Rs 28,750-28,800 range.
MCX Silver May contract may trade in Rs 55,700-55,900 range.
