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SILVER

The recent session witnessed a strong rally in silver prices. On the weekly chart, prices have marked a significant breakout of a 3-year high and have concluded above the crucial level of 78000, surging by more than 5% this week. The current market trend seems bullish for silver prices as it is maintaining its stance above the 20 and 60 EMA levels, and the RSI is above 70 on the weekly chart. Immediate resistance is likely to be encountered around 78200 levels. A potential breakout above the aforementioned level could potentially propel the prices further towards the 78600 levels on an intraday basis.

BUY SILVER ABOVE 78200 SL BELOW 77800 TGT 78600/79000

GOLD

On the last trading session, gold prices exhibited a notable gap up opening, establishing a new 52- week high of 61845. Although settling around 61500, the precious metal was up by almost 1 percent. Upon analyzing the daily chart, it is observed that the momentum indicator RSI is trading above its reference line, indicating a positive trend. In addition, prices are trading above the 20 and 60 EMA, which is another optimistic sign. The formation of a large green candle on the daily chart and the closing above the previous session high is indicative of a bullish sentiment towards prices. Based on these factors, it is recommended that traders consider purchasing gold on any dips around 61200, with a target of 61400 for an intraday basis

BUY GOLD AROUND 61200 SL BELOW 61000 TGT 61400/61600

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