Wednesday, May 30, 2012

MCX Gold Tips and Silver Trend For Today

MCX Gold Tips

In MCX Gold as long as 28750 hold the downside expect a turn higher and possibly target 28930 followed by 29050 or even more. A direct dip below 28730 could draw long liquidation pressure and take prices lower towards 28600.
Currently Gold is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend. Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level.

We advise that buy MCX Gold above 29396 with a stop at 28948 and if MCX Gold sustain below 28838 go for sell with a stop at 29285.

MCX Silver Tips

In enduring chart formation suggests prices have more room for further sell off towards 53300 followed by 53000 the day. At the same time turn higher above 54100 would be an early signal of renewed bullishness.
Currently MCX Silver is moving sideways the oscillator is showing BUY signal. In last 1 month volatality is very less and fresh buy can be considered in the Silver if it close above 55339 or buy with strict stop at 50996.

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