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Gold

MCX Gold opened sharply lower with a downward gap howerver buying pressure in the second half of the Session pushed prices higher towards days high. The chart pattern suggests that if Gold crosses and sustains above 49850 level it would witness buying which would push the price towards 50150-50700 levels. Important support for the day is around 49600.

BUY GOLD IN THE RANGE OF 49850-49800 SL BELOW 49600 TGT 50150/50700

Silver

MCX Silver opened on a flat note and buying momentum throughout the session let it trade near the 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 58200 SL BELOW 57600 TGT 59000/59500

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