MCX Gold Tips
MCX June gold prices opened the week at Rs 29,167/10 grams and fell sharply but found good support at Rs 28,281/10 grams and finally closed at Rs 28,365/10 grams (May 12, Saturday) as compared with previous week’s close of Rs 29,109/10 grams. Currently Gold is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend . In last few days volume based selling happened in the Gold. We expect gold to trade lower on the back of weak market sentiments due to deepening worries over Euro Zone debt crisis coupled with a stronger dollar.
Trading Call: Sell MCX June Gold between 28650-28700, SL-28910, Target -28000/27700
MCX Silver Tips
MCX July Silver prices opened the week at Rs 56,511/kg and fell sharply but found good support at Rs 53,561/kg and finally closed at Rs 54,130/kg (May 12, Saturday) with a huge loss of Rs 2446/kg as compared with previous week’s close of Rs 56,576/Kg. Currently Silver is in strong downtrend and the trend is supported with good volume The open interest is not increasing with trend. We expect silver to trade lower on the back of weak market sentiments due to deepening worries over Euro Zone debt crisis coupled with a stronger dollar.
Trading Call: Sell MCX Silver July between 55200-55300, SL-56000, Target -52700/52000.
