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SILVER

MCX Silver gave a gap down opening in last session and remained under selling pressure throughout the session. Prices settled around 64300 and was down by more than 1000 points. On daily chart prices closed below previous session low which is a negative sign for prices. Moreover it is also trading below 20 and 9 days EMA and RSI is below 40 level mark which indicate that momentum is weak for prices. Traders can sell Silver on rallies around 64900 for the target of 64500 on intraday basis

SELL SILVER AROUND 64900 SL ABOVE 54300 TGT 64500/64000

GOLD

Gold prices closed in red in last session. Prices settled around 55540 in last sesssion and was down by more than 500 points. Prices broke the strong support zone of 55900 and settled below previous session low. On daily chart momentum indicator RSI is below its reference line and prices is trading below 20 and 60 days EMA which is a negative sign for prices. Traders can sell on rallies around 55900 for the target of 55800 on intraday basis.

SELL GOLD AROUND 55900 SL ABOVE 56000 TGT 55700/55500

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