MCX Gold April future witnessed sharp decline beneath the decrease band of the vary however managed to shut above the important thing assist of Rs 48,500 (200 DEMA). In the meantime, key resistance for April future exists round Rs 49,300 (21 Day EMA), adopted by Rs 49,600. On the draw back, beneath Rs 48,500 subsequent key helps maintain round Rs 48,050. On the momentum entrance, RSI is buying and selling round 40 suggesting sideways to weaker pattern. For the day value is more likely to proceed buying and selling within the broad vary of Rs 49,300-48,100 with a sideways bias. Solely a sustained transfer beneath Rs 48,100 would lengthen draw back in the direction of Rs 47,700.
Promote MCX Gold April at Rs 48,600 with a goal of Rs 48,100 and a cease loss at Rs 48,800.
MCX Silver March futures witnessed sharp upmove and moved in the direction of the important thing resistance zone of Rs 74,500. In the meantime, key assist holds round Rs 71,750 (resistance turned assist), adopted by Rs 69,780 (5 Day EMA) and key resistance exists round Rs 74,500, adopted by Rs 76,500. On the momentum entrance, RSI has moved in the direction of the overbought zone 80 (79), which might set off some revenue taking which could entice shopping for. For the day, value is predicted to maneuver within the vary of Rs 69,780-74,500 with a sideways to optimistic bias. An in depth above Rs 74,500 would intensify the up transfer.
Purchase MCX Silver March at Rs 70,800 with a goal of Rs 74,000 and a cease lack of Rs 69,700.
(Ravindra Rao is VP-Head Commodity Analysis at Kotak Securities)