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Gold

MCX Gold opened with an upward gap and remained lackluster within a narrow trading range throughout the day. The daily strength indicator RSI continues to remain flat and is below its reference line indicating absence of momentum on either side. 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 50150 SL ABOVE 50350 TGT 49900/49700

Silver

MCX Silver opened on a flat note and witnessed selling for most part of the session. The chart pattern suggests that if Silver breaks and sustains below 57000 level it would witness selling which would drag the price towards 56400-56000 levels. Important resistance for the day is placed at 578000.

SELL SILVER BELOW 57000 SL ABOVE 57500 TGT 56400/56000

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