Gold: currently trading at 1642.20, expected trading range
for the day will remain between 1610-1660, intraday trend will remain sideways
with positive bias. Metal holding above its strong support of 1624 and stability
above 1624 suggesting positivity. Intraday support at 1630 break may take it to
1624 and more down side for the day, daily close below 1624 would signal
further down side otherwise rebound can’t be ruled out from these levels. Key resistance
for the day is 1648 stability above 1648 will take it to 1656-1672. Buying on
decline would be good idea with stop of 1623.
Silver: currently trading at 30.82 day trading range will
remain between 30.30-32.00 intraday trend is expected to remain bearish. Immediate
resistance seen at 31.10 stability above 31.10 may take it to 31.40-31.80 for
the day. 32 will remain key resistance for the day. key support 30.30 and
stability below 30.30 would signal a sharp decline in short term and silver may
head towards 28.60-26.30 in coming days.
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