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GOLD

MCX Gold opened with an upward gap and witnessed selling for the first part of the session. The hourl ilee  strength indicator RSI has turned  negative from the overbought  territory and is below its reference L ssi00 line indicating sustained downtrend. Gold is trading below 20&60 hourlySMA indicating negative bias in the intraday.

SELL GOLD BELOW 50850 SL 51000 TGT 50650/50500

Silver

MCX Silver opened on a flat note however profit booking for most part of the session led It to trade in red. Silver breaks and sustains below  61370 level it would witness selling which would lead It towards 59600 levels. Important Resistances for the day are placed at 62000.

SELL SILVER JULY IN THE RANGE OF 61370-61470 SL ABOVE 62000 TGT 60500/59600

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