Buy Silver Above 58530 SL Below 58100 TGT 59100/59600 - Axis Securities
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Gold
MCX Gold opened with a downward gap and - sozoe traded with extreme volatility on either side and gained the bullish momentum after opening. On the hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the intraday. The chart pattern suggests that if Gold crosses and sustains above 50200 level it would witness buying which would push the price towards 50500-50800 levels. Important support for the day is around £9500.
BUY GOLD ABOVE 50200 SL BELOW 50000 TGT 50500/50800
Silver
MCX Silver opened with a downward gap but witnessed buying in the second half of the session which pushed prices to day's high. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. Silver continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY SILVER ABOVE 58530 SL BELOW 58100 TGT 59100/59600
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