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Gold

Gold opened on a flat note and witnessed selling for most part of the session. Gold closed at 54069 with a loss of 227 points. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. On the daily chart the It has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. Gold is trading below 20 day EMA indicating negative bias in the short to medium term. Strong support zone is seen around 54000 level. Breakdown below the mentioned level may push prices lower towards 53900 on intraday basis.

SELL GOLD BELOW 54000 SL ABOVE 54100 TGT 53900/53800

Silver

Silver opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Silver closed at 67780 with a loss of 291 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart prices is trading below 20 and 9 days EMA'S which indicate negative bias in the short term. Strong support is seen around 67500 level. Breakdown below the mentioned level may push prices lower towards 67000 level on intraday basis.

SELL SILVER BELOW 67500 SL ABOVE 68000 TGT 67000/66500

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