Tuesday, 19 January 2016

Daily Commodity News on Gold and Silver By MarketMagnify

Gold. After gaining 4 percent in early week of this month, prices corrected by 1.45 percent in the last week. Technically, this correction can be considered as pullback of inverted Head and Shoulder pattern. Hence, prices are likely to resume its uptrend and it could gain up to $1130 levels. On the downside, supports can be seen at $1080 and $1072 levels.

MCX Silver daily chart. It suggests that prices are trading in very choppy range.Technical indicator RSI and Bollinger band suggests sideways momentum. Hence, prices are likely to trade further in this range only. On the upside, resistance can be seen at 34620-35370 levels. Whereas, support can be seen at 33050-33180 zone.

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