Gold and silver futures dipped within the opening commerce on Thursday monitoring pattern in worldwide market as greenback spiked on concern of rising Covid-19 circumstances in Europe and the US. Here is the buying and selling technique for the bullion counters:
MCX GOLD has breached the decrease certain of the consolidation section (Rs 50,540-51,200) and retraced 50 per cent of its latest rally at Rs 50,350. Quick resistance is at Rs 50,750, adopted by Rs 50,950 which might be the provision zone for the metallic in close to time period. Nevertheless, main assist for gold holds round Rs 50,100. Solely failure to carry might take the dear metallic additional down. The power index (RSI at 44.5) is supporting the bear case. We anticipate gold to maneuver within the band of Rs 50,100-50,950 with sideways to draw back bias.
Promote MCX Gold Dec at Rs 50,750
- Goal: Rs 50,250
- Cease loss: Rs 50,950
MCX SILVER hit the decrease certain of its broad consolidation vary (Rs 59,300-64,200) after breaching the pattern channel assist at Rs 61,200. In the meantime, quick resistance is seen at Rs 62,600, which might act as key pattern reversal zone. So long as Rs 62,600 resistance holds, worth is anticipated to maneuver within the band of Rs 62,600-59,300 with sideways to draw back bias. In the meantime, the momentum indicator (RSI) is hovering under 50 at 36.80 indicating bear power.
Promote MCX Silver Dec at Rs 61,300
- Goal: Rs 59,300
- Cease loss: Rs 62,600
(Ravindra Rao is VP-Head Commodity Analysis, Kotak Securities)