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Gold

Gold prices closed on a negative note in last session. On daily chart prices settled around 54870 and was down by more than 100 points. Momentum indicator RSI is trading below its reference line which is a negative sign for prices. Moreover it is trading below 20 and 60 days EMA which indicate that the trend is bearish for prices. Strong support zone in Gold is seen around 54800 leve. Breakdown below the mentioned level may push prices lower towards 54670 level on intraday basis.

SELL GOLD BELOW 54800 SL ABOVE 54900 TGT 54670/54500

Silver

Silver prices gave a gap down opening in last session and closed on a negative note around 61890. On daily chart momentum indicator RSI is trading below its reference line and prices is trading below 20 and 60 days EMA which indicate that short term trend is negative for prices. Strong support zone is seen around 61700 level. Breakdown and hourly close below the mentioned level may push prices lower towards 61200 level

SELL SILVER BELOW 61700 SL ABOVE 62100 TGT 61200/60800

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