MCX Gold Tips
Gold can trade in range of 28,300-29,400 in MCX while COMEX gold can trade in range of USD 1,520-1,630 in near term. MCX Gold June as seen in the weekly chart above has initially moved sharply higher. For this week we expect gold prices to find Support at 28860-28820 levels and further below strong support is seen at 28725-28700 levels.
Trading consistently below 28,700 levels would trigger sharp correction initially towards 28620 then 28525 and then finally towards the major support at 28281 levels. Resistance is now seen at 29160-29190 levels. Trading consistently above 29200 levels would renew the previous rally initially towards 29490 and then finally towards 29730 levels.
MCX Silver Tips
White metal silver can trade in range of 52500-56000. MCX Silver July as seen in the weekly chart above has opened at 54525 levels initially made a high of 55,119 levels and then fell sharply lower, but found good support at 53320 levels.
Trading consistently below 54,200 levels would lead towards the Strong Support at 53,500 levels. Daily closing below 53,500 levels would indicate that a short term top has been posted and thereby would open the door for a new leg down initially towards 52,500 and then finally towards 51,100 levels. Resistance is now observed at 55,290-55,400 levels. Trading consistently above 55,400 levels would renew the uptrend and can lead initially towards 56,100 levels and then finally towards 57,600 levels.
