Gold: currently trading at 1547, day trading range will
remain between 1520-5165, trend is down but lots of technical indicator reached
in oversold territory that will trigger higher volatility for the day. Immediate
resistance seen at 1552 recovery above 1552 would signal intraday rally till
1560-1565 zones, stability needed above 1565 to confirm a short term recovery and
gold will try to head towards 1600-1620 zones in coming days. Immediate support
seen at 1538 failure below 1538 may trigger intraday weakness and gold may try
to taste 1530-1525 zones for the day but failure below 1520 will trigger more
weakness and fall till 1498 can’t be ruled out. Stability above 1529 will
remain supportive for bulls.
Silver: Currently trading at 27.54 day trading range is
expected to remain between 26-28.10, trend will remain sideways. Immediate support
seen at 27 failures below 27 may trigger intraday weakness and silver will try
to taste 26.60-26.20 for the day otherwise it will try to taste 28 zones. Stability
above 28.10 needed to confirm short term recovery. That will take it to
28.50-29.40-30.40 in short term.
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