Thursday, May 17, 2012

MCX Bullion Updates, Gold and Silver Trend For Today: 18th May

Gold Extends Gains On Bargain Buying And Early Gains In Euro:  Gold futures extended the early gains tracking the bounce back in the global gold prices on bargain buying and strong euro. The Federal Reserve signal further monetary easing remains an option to protect the U.S. economy from the danger that lawmakers will fail to reach agreement on the budget or Europe's debt woes worsen.

MCX Gold

Morning gains ensure that last day’s plunge has not sustained. MCX Gold has gain by 2.09% and closed at 28547 in its last trading session. The MCX Gold is now trading in overbought level. The oscillator is showing SELL signal For short term Gold is in SELL position and closed above 1 week high with volume signals up breakout. Positionally Support for the Gold is 28272-27850. Resistance for the Gold is 28978-29220.

MCX Silver

In silver's last trading session it gain by 3.13% and closed at 53174. Firm moves seen in the morning session may not be productive until it cross above 53000 region convincingly, else hold the same for a push down towards 52300/52000 followed by 51000 region. Silver is in SELL position. Positionally Immediate support for Silver is 50996. Resistance for the Silver is 54937-56750.

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