Tuesday, 22 December 2015

Commodity Market Updates on Gold and Silver

Get more detail about Commodity Market visit on www.marketmagnify.com

Gold
In the last week, prices rebounded sharply on the upside after bottoming out near $1045-1050 zone. On upside, immediate resistance is located at $1080-1089 and further at $1098 levels. In this week, prices are expected to trade on bullish note.

MCX Gold Oct daily chart. It suggests that prices have bottomed out from 24750 levels. Positive divergence on RSI suggests short term upside reversal in the prices. It is expected to rebound on the upside till 25480 and further till 25750 level. On flip side, immediate support is located at 24750 levels. Hence, trend is likely to remain bullish for this week.

Silver
It suggests that prices are taking support somewhere near 13.65 levels. On upside, it has immediate resistance at 14.30 levels. Any trade above this could take prices towards $14.65 and $15 levels. On downside, prices are expected to find support near $13.65 levels.

MCX Silver daily chart. On last Friday. Prices sharply recovered on the upside after bottoming out near 33030 levels. In the near term, further strength above 34470 will take prices towards 35360 levels.


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