MCX GOLD witnessed a powerful rebound after testing the help at Rs 50,100 (61.Eight per cent of the latest rally). Rapid resistance is at Rs 50,750, adopted by Rs 50,950 which may very well be the preliminary goal for the day. Main help for gold stays round Rs 50,100. Solely failure to carry Rs 50,100 would possibly set off additional promoting within the yellow steel. The energy index (RSI at 40.8) continues to be hovering beneath 50 suggesting weak point in energy. We anticipate a variety transfer between Rs 50,100-50,750 for the day.
Purchase MCX Gold Dec at Rs 50,200
- Goal: Rs 50,750
- Cease loss: Rs 49,900
MCX SILVER additionally witnessed fast restoration after breaching the robust help at Rs 59,200. In the meantime, on the day by day chart worth has fashioned a Doji (candlestick sample) signifying indecision. For the close to time period, Rs 58,380 is the important thing help stage. Likewise, fast resistance is at Rs 61,250, adopted by Rs 62,600. Nevertheless, the momentum indicator (RSI) is hovering beneath 50 at 36.90 signifying bear energy. So so long as Rs 58,380 holds, the worth is predicted to maneuver within the band of Rs 58,380-62,600 with a sideways pattern.
Purchase MCX Silver Dec at Rs 59,300
- Goal: Rs 62,250
- Cease loss: Rs 58,380
(Ravindra Rao is VP-Head Commodity Analysis, Kotak Securities)