Sell Silver Around 63000 SL Above 63300 TGT 62600/62100 - Axis Securities
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Silver
Silver opened on a positive note and traded with extreme volatality throughout the session. Silver closed at 62010 with a gain of 434 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. From past few days it is stuck inside a trading zone between 61500 and 63000 level. On hourly chart Silver is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Silver continues to remain in a downtrend in the near term, so sell on rallies continues to be our preferred strategy
SELL SILVER AROUND 63000 SL ABOVE 63300 TGT 62600/62100
Gold
Gold prices retreated from the multi-month high as the escalation fears between Russia and Ukraine dwindled which dampensed ssafe have demand. Prices is facing resistane from past few session near $1790 in Comex indicating supply zone for prices. Stabalisation of Dollar index has put brake on Gold rally. Strong support zone in Gold is seen around $1750 level. Breakdown and sustained selling below the mentioned level may push prices lower towards $1735 level. Gold prices is expected to trade in a range between $1720 and $1790 before Fed meet i December. Investors will be now focus on Jobless claims data for further cues on Fed.
SELL GOLD AROUND 53150 SL ABOVE 53300 TGT 52900/52800
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