Sunday, June 3, 2012

MCX Live Tips and Trend News For Gold and Silver

MCX Gold Tips Today

MCX Gold August as seen in the weekly chart above has initially moved sharply lower, but found good support at 29020 levels. Rumbling intraday weakness could be validated only by firm trades below 28930 region. Otherwise, this same level could arrest the fall for prices to push higher towards 29130/200 or more to 29300.Weakness could be seen only below 28930 region and such moves could trigger major selling pressure.

For this week we expect gold prices to find Support at 29,680 – 28,620 levels and further below strong support is seen at 29,200-29,150 levels. Trading consistently below 29,150 levels would trigger sharp correction initially towards 28570 and then finally towards the major support at 28278 levels.

MCX Silver Tips Today

Ensuing selling bias probable to continue with an immediate target of 52800/52300. But unexpected rise above 53800 -54000 region may clear our intraday bearishness state and could test the upside region of 54550/54900 or even higher.

For this week we expect Silver prices to find support at 54100-54000 levels. Trading consistently below 54,000 levels would lead towards the Strong Support at 53300-53200 levels. Multiple closing below 53200 levels would indicate that a short term top has been posted and thereby would open the door for a new leg down initially towards 52300 and then finally towards 51300 levels.

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