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Gold

MCX Gold opened sharply lower with a downward gap and selling pressure throughout the cession. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Gold continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.

SELL GOLD BELOW 50000 SL ABOVE 50200 TGT 49700/49600

Silver

MCX Silver opened with a downward gap and traded with extreme volatility on either side and gained bullish momentum at the end of the day. The chart pattern suggests that if Silver breaks and sustains below 57800 level it would witness selling which would put the price towards 57000-56600 levels. Important resistance for the day is placed at 58500,

SELL SILVER BELOW 57800 SL ABOVE 58300 TGT 57000/56600

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