Gold silver Updates and MCX Tips for Today

In domestic markets, gold and silver are trading on the edge. The RSI indicator are favouring the positive trend for Gold So we can expect a rally in Gold above 29930 level.
Yesterday MCX Silver rose 1.6% and as expected, the rally has continued today also. Silver is now trading above 54200 and heading towards 54500 level. If it successfully breaches this level, we can see prices to reach 54800-55000 soon.
Technical Charts are also suggesting buying signal for both the precious metals. In other commodities, one can buy crude above 5000 level for the targets of 5050-570 level.

Commodity Updates- MCX Gold Silver Trend For Today

MCX Gold June Futures

MCX Gold Has been trading inside the range of 22200-21700 for last few days. For today's session gold might trade slightly positive towards 22000-22050 levels which may remain consolidate for the day.

Intraday Traders can buy Gold around 21900-950 for the targets of 22000-22050 SL-21820

MCX Silver July Futures
MCX Silver likely to remain positive initially towards 53000 which might be followed by 53500-54000 later if it is manages to hold the levels of 52200-52000. Below 52000 trend can be reversal till 51200-50850.

MCX Gold Trend For Today

MCX Gold June delivery contract rose by 0.80 percent to 22200 rupees per 10 grams on a weaker dollar, after suffering its worst weekly loss since 2009, while U.S. silver futures rose nearly 3 percent as investors took advantage of last week's free fall in prices to enter the market.

On this week's data schedule, the US is due to release its April consumer price data, which may shed light on the future moves in monetary policy by the central bank, as market speculation mounts on what the Fed Res might do after the stimulus package rolls off in June.

For now, Gold is getting support at 21920 and below it may test levels of 21850. On above side resistance looks at 22120 and above could see price testing 22250 levels.