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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