Weekly Bullion Update : As expected gold and silver prices corrected sharply last week Says Mr. Anuj Gupta, IIFL Securities
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Below is Weekly Bullion Update by Mr. Anuj Gupta, Vice President, IIFL Securities
Mcx Gold corrected by 1.32% and closed at 50107 levels, it test a low of 49957 levels. In international market it corrected by 2.02% and closed at $1706 levels, it made a low of $1697 levels.
International Silver also corrected by 3.12% and closed at $18.69 levels. MCX SILVER corrected sharply by 2.70% and closed at 55587 levels.
Expectation of higher interest rates increased by FED in upcoming meeting put pressure on bullions.
Fear of recession also faded the demand of yellow metals as a safe haven demand.
Eft demand in yellow metals are not looking so aggresive and physical demand not looking good.
Technically Gold Support at $1670 (49600) and than $1650 (49200) levels. Resiatance at $1735(50700) & $1770 (51300) levels.
Silver support at 53500 and 51500 levels resistance at 57000 levels and 59000 levels.
Recomending sell on rise in this counter..
Sell gold at 50700 levels with the stoploss of 51300 for the target of 49600.
Sell silver at 57000 with the stoploss of 59000 for tge target of 54000 to 53500 level.
We are expecting that Gold may test $1680 to $1670 and silver may test $17.80 to $18 levels very soon.
Fundamental and Technical both aspectes are showing negative trend in bullions.
Above views are of the author and not of the website kindly read disclaimer
