GOLD: (August) : Technical Out Look: Last week it was made a high 23320 and hold a support level 23000 and finally managed to closed above 23100 level. There is sign of price wise correction as RSI and MACS positive bias continue, on the other hand it is also trading above 50 and 200 DMA indicate bull move continue.
In this week key resistance 23160 and key support 23026 to watch out and break out this range will move in either side one way. Overall decline to buying strategy.
Today: Decline to best opportunity to buy side – Lower level support 23000 above 23142 sharp move likely.
In Mumbai, 995- standard gold traded at Rs 23,402 and 999- pure traded at Rs 23,505. In Delhi, 995 quoted at Rs 23,370 and 999 at Rs 23,480 and in Ahmedabad 995 traded at Rs 23,380 and 999 at Rs 23,500. (Prices in per 10 gm).
Comex: Above 1600 next projected target of 61.8% retracement of 1627 US$ watch out. Major support 1550 US$ and buying opportunity.
SILVER (SEPT) : Technical Out Look: Silver price again last week showed a tremendous strength with high volatility. It was made a high 60739 and low was made 57025. Overall trend is bullish and in this week, we may consider resistance 60200-60750 and support 57500-57000 in near term. As per MCX price having a key resistance of 60750 and decisively crossover will move further, on the lower level support range 55000-55500 indicate decline to buy. Weekly close above 60000 will move faster.
Today: Yesterday we have written a magic no. 59150 (low 59111) and strong reversal and made a high 60250. Now today above 60270 more up side and may test…lower level strong support …and buying opportunity.
In Comex: Above 37.50 ounce may test 41 thereafter 42.50-43.33 in coming days.
Gold has recovered strongly today. Around 1 per cent, while silver is trading with gains. The drop in crude oil is traded. U.S. Energy Department will release its report on Wednesday.
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