MCX Gold is trading in consolidate to nagetive trend. Now it is trading at 28873. We consider that mcx gold will touch the intraday level of 28650. Prices seen trading with a negative outlook with immediate target of 28850/700 or even lower by holding the upside cap of 29180 region. Even in this bearish outlook, unexpected move above 29180 region could lift up prices towards 29270 or even more towards 29390.
Trading Call: Sell MCX Gold June at Rs 28820 with stop loss Rs 29100 and target 28650.
On the other bullion metal in mcx silver it is also trading in consolidate to negative trend. Now it is on 54280. Technical charts suggest that it will start with a bearish trend and may get the lower level of 52600. Likely to be choppy inside the range of 53700-54400 levels with mild positive bias. Either side breakout would suggest fresh directional moves later.
Trading Call: Sell MCX Silver July at Rs 54000-54500 with stop loss Rs 55500 and target Rs 52500-52000.
