Tuesday, 20 January 2015

Commodity Market Gold and Silver Updates

Gold prices have strong resistance at 26800 levels and any fresh up move in the counter will be seen only on a decisive breakout above 27800. Until then we expect prices to face some selling at higher levels which can lead to a correction towards 27600/27550 levels. A close below 27500 will see the corrective move extend towards 27350 levels.

Silver prices will trade positively until prices stay above 38500. Intraday dips towards 38800-38750 zones can be used to take long positions for upside targets of 39500 levels. Overall upside target for the current up move is around 39800 levels. Fresh selling can be seen as the counter approaches higher levels.

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