Gold: currently trading at 1657 day trading range will remain
between 1634-1666; trend is sideways with negative bias. 1640-1620 zones are
PRZ (Potential Reversal Zones) for gold. Yesterday gold made high 1669.43 but
was able to hold above 1666 for some to confirm continuation of bullish swing.
Today 1650 zones will remain important support failure would take it to
1642-1634 zones. Consolidation below 1634 would signal more down side till
1628-1620 zones. 1666 will remain key resistance for the day and consolidation
above 1666 would offer 1681-1700 as target area.
Note: we are trading in potential reversal zones. so down
side is limited as per current scenario so we have to look for buying around
1630-1620 zones and have to avoid selling on lower levels.
Silver: currently trading at 32.69 day trading range will remain
between 31.50-33.50; trend will remain sideways with negative bias. Yesterday silver
was also not able to hold above 32.90 our said resistance and turned back after
hitting 33.06 as day high so today also we can use 32.90 as very strong resistances
for silver consolidation above 32.90 would take it to 33.90 and 34.40 for the
day. immediate support seen at 32.20 consolidation below 32.20 would negate our
bullish expectations and silver may decline till 31.60-31-30.50 in coming
trading sessions.
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