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Gold

MCX Gold opened with a downward gap but witnessed buying in the  Second half of the session which ore pushed prices to day's high. The chart pattern suggests that if Gold breaks and sustains below 59600 level it would witness selling which would drag the price towards 59300-59100 levels. Important resistance for the day is placed at 60100.

SELL GOLD BELOW 59600 SL ABOVE 59800 TGT 59300/59100

SILVER

MCX Silver opened with a downward gap and traded with extreme volatility on either side and gained bullish momentum. Silver continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred poe strategy. Silver is trading below 20 and 60 hourly EMA's which indicates negative bias in the intraday.

SELL SILVER BELOW 70600 SL ABOVE 71200 TGT 69800/69200

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