The first trading day of the week in the international market is seeing a surge in gold and silver. Although crude oil seems sluggish environment.
MCX Gold Tips
MCX gold once again gone beyond Rs 31,000. Currently, 31 330 with a gain of 0.4 per cent on MCX gold is trading at Rs. Gold was up 2 per cent in the international market.
Technically MCX Gold October is looking bullish at the moment. On weekly charts it is looking to get 32000 level soon. And as expected found very good support at 30,656 levels. Later prices rallied sharply towards 31,405 levels and finally closed sharply higher from the previous weeks closing levels.
For This week we expect that MCX gold may find a good support at 31000-31130 levels below this Gold may cross the 30800 levels too. Resistance is observed in the range of 31,600-31,630 levels. Trading consistently above 31,630 levels would lead towards the strong resistance at 31,880 levels, and then finally towards the Major resistance at 32,200 levels. MCX Gold Tips For Today is to buy Gold on lower levels.
MCX Silver Tips
Silver also rose on COMEX. MCX Silver saw a profit of 2.5 per cent and moved across expressions to Rs 59000. COMEX silver closed at $ 31. The MCX silver with 1 per cent to Rs 59,000 is reached.
MCX Silver December as seen in the weekly chart above has opened at 59,700 levels initially moved lower, but found support at 58,601 levels. Later prices rallied sharply towards 61,170 levels, and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect Silver prices to find support in the range of 60,240-60,200 levels and then strong support is seen at 59,300-59,250 levels. Trading consistently below 59,240 levels would trigger correction initially towards 58,240 levels and then finally towards the major support at 57,670 levels.
Resistance is now observed in the range of 61,880-61,940 levels. Trading consistently above 61,940 levels would lead towards the strong resistance at 62,800 levels and then finally towards the major Resistance at 63,400 levels.
