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Overall trend of the Silver is bearish for medium-long term .Currently Silver is in strong downtrend with good momentum and the trend is supported with good volume The open interest is not increasing with trend .. The oscillator is showing SELL signal For short term Silver is in SELL position.
Currently Silver is in HOLD SHORT position Silver is showing some Up momentum So buy above 56315 with stop at 53732 The oscillator is showing SELL signal.
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Today bullions are in a decline position where the Gold is on below the level of 26500 having the loss of 500.00 and Silver facing more down trend today, Today it is down by it has gone under the level of 47000. So it is not the better time to make a fresh position.
We recommend that:
Gold: Sell MCX Gold October below 26000,
Target: 25600, Stoploss: 26505.
Silver: Sell MCX Silver Dec below 50100,
Target: 49600, Stoploss: 50500.
Today all commodities are looking solid after the bearish trend of yesterday. Today Gold has increase more than 2.00%, wheres the silver bounced back and tack the jump of 2.64%. In other commodities crude oil is also bullish today and set in a bull position 0.60% of yesterday's closing.
We recommend that make a new position in Gold and Silver for short term. Gold is looking bullish having the resistance level of 27200.
And silver having the resistance levels of 54500.
So make a fresh position in commodities for short term.
Gold is moving continuously down, it slid to a 6-1/2 week low Today, setting the stage for its sharpest weekly drop since March 2009, though the result is all commodity are in downside.
We aspect that it will carry the same trend and looking more decline. So it is better to make a sell position in gold.
Today all the commodities are down and it may possible that it will suffer more bearish trend in next some trading session. Gold is down to 2.30% over the last closing, silver is down to 8.14% over the last trading session. And same thing happen with the other commodities.
So Here are some recommendation for short term-
we advice Investors to take short term sell position in MCX Gold (Dec) contract at opening price with target of 27000 and stop loss of closing above 28000.
we advice Investors to take short term sell position in MCX Silver (Dec) contract at opening price with target of 55500 and stop loss of closing above 58000.
Yesterday Gold fell Rs 160, to Rs 28,340 per ten grams at Delhi`s bullion market, on Thusrday, on emergence of selling by stockists, upon weak global cues. But silver added Rs 150 rupees, to Rs 64,500 a kilo.
In the global markets, gold fell 0.8%, to USD 1,768 an ounce. Gold dropped after the US Federal Reserve pledged to buy long-term debt worth USD 400 billion, pushing up the American currency.
Here are Technical Levels For Gold (Oct)
TREND | Consolidate |
RESISTANCE 2 | 28600 |
RESISTANCE 1 | 28250 |
SUPPORT 1 | 27600 |
SUPPORT 2 | 27250 |
STRATEGY | Buy on dips
|
