Sell Silver Around 72600 SL Above 73000 TGT 72200/71800 - Axis Securities
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SILVER
Silver prices concluded the previous session on a downward trajectory, with a settlement around 72125, reflecting a decrease of over 500 points. The daily chart exhibited a red candle formation, closing below the previous session's low. Additionally, the price currently stands below the 60-day Exponential Moving Average (EMA) for the first time in over two months, indicating a pessimistic trend. Unless the price manages to surpass the 73000 level, we anticipate continued negative trading in the near future
SELL SILVER AROUND 72600 SL ABOVE 73000 TGT 72200/71800
GOLD
Gold prices extended their downward trend for the third consecutive day, with a closing value of approximately 59596, representing a decline of over 400 points. Analysis of the daily chart reveals that the price is currently trading below both the 20-day and 9-day Exponential Moving Averages (EMA). Additionally, the Relative Strength Index (RSI) indicates a negative trend as it resides below its reference line. Nonetheless, a robust support zone is observed near the 59500 level. As long as this level remains intact on the downside, we anticipate a potential rebound driven by short-covering activities. Thus, we recommend adopting a strategy of buying on dips in Gold for intraday trading purposes.
BUY GOLD AROUND 59500 SL ELOW 59350 TGT 59700/5900
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