MCX Gold Tips
The MCX Gold is in perfect uptrend now. Although it was in strong downtrend in last week but volume is unsatisfactory. The open interest is not increasing with trend. The Gold is now trading in overbought level. The Gold is now trading in overbought level. Prices seen trading firmly so far and we expect the buying bias only above 29170 region. Such wining moves could generate fresh rallies towards 29260/300 firstly followed by 29390. Conversely, failed attempts to break 29170 region could push down prices towards 28940/28830 or even lower towards 28750.
MCX Silver Tips
In MCX Silver Overall trend is bearish for medium long term. MCX Silver was in strong downtrend last week but now the trend is supported with good volume The open interest is not increasing with trend. MCX Silver is looking consolidate from here. Initial consolidation is anticipated inside 54800-54100 with good volume. Either side breakout would suggest fresh directional moves. However for the day, prevailing chart formation suggests selling pressure towards 53200/52500 or more.
