Gold:
Weekly: currently trading at 1551.05 weekly trading ranges
will remain between 1560-1705, trend will remain down. Support at 1612 break
below 1612 will open the doors for 1585-1565 zones for the week. Break above
1685 would supply some positive bias but major trend change possible only above
1705 other wise trends will remain down and gold may fall towards 1560-1520
zones during this downtrend.
Intraday: day trading range will remain between 1628-1685,
trend will remain down. Immediate support seen at 1648 stability below 1648
would signal intraday decline till 1635-1630 zones. Immediate resistance seen
at 1658 cross above this resistance may take it to 1663-1665 zones. Selling on
rise would be good trading strategy for the day and week and 1685 can be good
stop loss for sellers for targeting 1615-1585.
Silver:
Weekly: currently
trading at 31.35 weekly trading ranges will remain between 30.30-33.20 trend is
down. Major support for the week is 30.30 failures would signal decline till
29.60-26.20 zones. Key resistance for the week will remain at 33.30 stability
above 33.30 would signal an advance till 34-34.20 areas.
Intraday: intraday
trading range will remain between 30.30-32.30, trend will remain down. Stability
below 30.80 would signal resumption to fall from 37.48 and would offer
26.60-26.20 as primary supports in silver. Immediate supports for the day are
30.90-30.60-30.30 failure below 30.30 will give more powers to silver bears. Immediate
resistance seen at 31.70 breaks above 31.70 is not likely, but stability above
31.70 would supply some positive bias for the day. That may take silver to
32.20-32.40 for the day. Selling on rise
will be good idea in bullions.
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