Gold : currently
trading at 1572, day trading range will remain between 1560-1630. Yesterday nice
fall seen in both precious metals and gold nicely taste our lower band of
trading range that was 1560 and low made 1663 during trading session. All technical
indicators reached in extreme oversold area over very short term time frame
that are suggesting now down side is limited and and rebound can’t be ruled
out. Intraday 1560 will remain important to watch break would take it to 1532
area but sellers are still aggressive and if today gold manage to break and
hold 1560 then 1532-1460-70 zones will be next supports. 1460 will be a reversal
point for short term. Trader can avail that opportunity for short term buying. Intraday
resistance seen at 1582 above 1582 it will try to head towards 1590-92 zones. 1594
will be key resistance for day if manage to hold above that then 1630-1640 can’t
be ruled out for the day.
Silver: currently trading at 28.98 day trading range will
remain between 28-29.40. Immediate support seen at 28.50 breaks will take it to
28 that can act as a psychological support over all this swing remain open for
26.70-26.50 areas. Immediate resistance seen at 29.40 above that rise may take
it to 29.80-30.20 area. Trend over short term is still bearish. But partial
rise may take place any time due to over sold reading on very short term
technical indicators.
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