Monday, June 4, 2012

MCX Gold and Silver Updates For Today

MCX Gold Tips

Prices looking firm and probably to continue the established buying sentiments, which may at first test the upside region of 29990/30190 or even higher towards 30370. On the contrary, break below 29630 region could give early indication of intraday weakness towards 29520/370. The yellow metal touched an intraday low of $1614/oz and hovered around $1623/oz till. On the MCX, prices lost by 0.6 percent and were trading around Rs. 29908, after touching an intraday high of Rs. 29979 today. Currently Gold is in HOLD LONG position In short term Gold is in strong up trend so hold with stop at 29382 The Gold is now trading in highly overbought level.

For Intraday Buy is advised above 29913 with a stop at 29516 and below 29423 go for sell with stop at 29820.

MCX Silver Tips

A flat trading range is expected today. Early attempts to rise would be capped near 55300 but may not force steep falls as long as 53700 hold the downside. A direct rise above 55300 could push prices higher till 56000. The white metal touched an intra-day low of $28.23/oz and was trading around $28.55/oz today. On the domestic front, prices traded on a flat note today and hovered around Rs. 53858/kg. Currently Silver is in HOLD SHORT position Silver is moving sideways so short term investor better to buy only above 54682 or hold with stop at 52813. The oscillator is showing BUY signal.

For Intraday Buy is advised above 54989 with a stop at 53211 else below 52692 go for sell.

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