MCX Gold Trading Strategy
Last day’s steep rise confirmed that buyers are still active in counter, so moving forward break above 29210 could substantiate further buying pressure towards 29270-29390 or even higher towards 29500. But failed attempts to break 29210 region could entice fresh selling towards 29030/28940 or even lower towards 28800.
Currently MCX Gold is in HOLD LONG position. For intraday prospectus MCX Gold is in sideways and sellers was at high so for short term better buy above 29312.5 or hold with stop at 28755. The next resistance will be at 29198. The oscillator is showing BUY signal.
Intraday Trend- We suggest to buy only above 29312 with a stop at 29036, and if gold goes below 28983 go for sell and put stop at 29259.4
MCX Silver Tips
Broad consolidation have been progressing inside 55100-53300 regions for the last few days. Either side breakout would suggest fresh directional moves. However, for the day we expect an initial dip followed by a turn higher.
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 loss at 50996. The oscillator is showing BUY signal for short term The current position is BUY. Positionally Support for the Silver is 53728. Resistance for the Silver is 54464-55420-56536.
Intraday Trend- We advise buy above 54781 with a stop loss at 53721, and below 53440.9 go for sell.
