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.

MCX Gold And Silver Trend- Commodity Updates

MCX Gold Trend
The initial Support range for Gold is seen near 22300-280 regions. Above this region higher rallies upto 22570-600 are still expected initially and if hovered above the same, with volume, would call for fresh short covering rallies later. However a turn lower from 22570-600 if materialize could draw out the momentum till 22300 followed by 22200/280, but doubtful to
activate broad selling pressure unless close below 22150.

MCX Silver Trend
As long as 55800 hold, prices still have rooms for upside towards 59000/59900, but major rallies are anticipated only on the breakout above 60000. Intraday, early moves expect to be positive but doubtful to clear above 59000-900 region, which would cause for a corrective selling later. A direct rise above 60000, the upside objective is seen at 63000/67000.