MCX Gold Trend
MCX Gold prices have been rising steadily since last 3‐weeks, also prices have breached out from a consolidation phase/ triangle pattern on the higher side (as marked on the chart above). MCX Gold suggest that prices are trading near a crucial resistance of 29200. Stochastic is in a sell mode. We expect prices to correct up to levels of 29000.
For the near‐term, we have a bullish view on gold prices for medium term and advise to buy again on dips for targets of 29430 to 30500, with Stop below 28500.
MCX Silver Trend
As per the weekly chart of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. MCX Silver suggest that prices are trading near a crucial resistance of 57200. RSI is in a sell mode. We expect prices to correct up to levels of 56500.
For Intraday Trader it will be best to sell mcx silver on higher levels.
