Commodity Gold Silver Updates: Technical levels

In Indian commodity market, MCX precious metals are trading lower with gold trading below 27850 and mcx silver near 44500 level. The trend suggests that this initial downside is driven by speculators profit booking however strong global cues are capping the pressure. Japanese Yen has seen an appreciation of 2.11% against the US dollar which would support the prices of gold.

Technically gold is likely to trade flat in multi commodity exchange of India however breaching the crucial level of 27890 may enhance the chances of intraday swings. This precious metal is facing downside support level at 27590.

On the other hand, one can go for intraday buy in silver above 44750 for the targets of 44900-45000. A trade below 43800 would escalate the selling momentum.


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