Gold Above 50300 SL Below 50100 TGT 50600/50700 - Axis Securities
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Gold
MCX Gold opened with a downward gap and traded with extreme volatility on either side and gained bullish momentum. The chart pattern suggests that if Gold crosses and sustains above 50300 level it would witness buying which would push the price towards 50600-50700 levels. Important support for the day is around 50000
BUY GOLD ABOVE 50300 SL BELOW 50100 TGT 50600/50700
Silver
MCX Silver opened with a downward gap but witnessed buying from the opening tick. The hourly 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 56400 SL BELOW 55900 TGT 57000/57500
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