Sell Silver Below 59700 SL Above 60300 TGT 59000/58500 - Axis Securities
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Gold
MCX Gold opened with a downward gap and traded with extreme volatility on either side. The hourly strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. Gold continues to remain ina downtrend in the intraday, so sell on rallies continues to be our preferred strategy.
SELL GOLD IN THE RANGE OF 50500-50540 SL ABOVE 50670 TGT 50300/50000
Silver
MCX Silver opened on a flat note and remained in a small range throughout the day. The chart pattern suggests that if Silver breaks and sustains below 59700 level it would witness selling which would drag It towards 59000-58500 levels. Important resistance for the day is placed at 60300.
SELL SILVER BELOW 59700 SL ABOVE 60300 TGT 59000/58500
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