Thursday, 24 December 2015

Commodity Market Updates on Gold and Silver

Gold:
Gold will retrace further if prices start to trade below 25100 levels. Prices will test 25000/24920 levels in that case. The counter needs to sustain above 25250 to rebound towards 25400/25450 areas. Any major upside is likely only on a daily close above 25500. Until then 24750 to 25500 will be the broad trading range for the counter.

Silver:
Silver can test its immediate support around 33850 levels. A decisive breakdown below this support will push prices lower towards major support zones between 3350 —33150 zones. Pullback rallies from current levels will see prices test resistance around 34340 levels. The pullback rally will resume only once prices breakout above 34500 levels decisively.

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