Gold: currently trading at 1660.44 day trading range is
expected to remain between 1640-1685; intraday trend is expected to remain
sideways with bullish bias. 1650 looking good support stability below 1650 may
trigger intraday weakness and gold will try to taste 1645-1635 for the day and
1624 will remain key support for short term. Intraday resistance seen at 1668
above this gold will try to move towards 1673-1680 zones but 1688 will remain key
resistance for short term .gold is trading near crucial resistance of 1660 and
we are looking at price behaviour near resistance line if today gold fails to
hold above 1668 then sharp selling can’t be ruled out 1645-1635 will remain important
to watch for the day.
Silver: silver current price is 30.80 and trading below key
support of 31 on daily chart. Day trading range will remain between 29.60-31.50;
trend is expected to remain bearish in very short term. 31.50 is key resistance
for now and till metal not manage to hold above this resistance our outlook
will remain bearish in silver and expecting 30.40-30-29.60 zones for the day. Our short
term outlook is still bearish in silver and expecting 28.60-26.30 as short term
target till silver not manage to hold above 31.50. Stability below 30.30 will increase
more chances for sellers. All in all 30.30 is still an important level and
stability on daily close basis below 30.30 may trigger panic selling in this
counter.
Comments