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Silver

MCX Silver opened with an upward gap but witnessed selling from the opening tick to trade on a negative note. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Silver continues to emain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.

SELL SILVER BELOW 54500 SL ABOVE 55000 TGT 53800/53300

Aluminium

MCX Aluminium opened on a flat note and remained in a small range throughout the day. The chart pattern suggests that if Aluminium breaks and sustains below 202 level it would witness selling which would drag It towards 199-198 levels. Important resistance for the day is placed at 204.

SELL ALUMINIUM BELOW 202 SL ABOVE 204 TGT 199/198

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