Tuesday, 9 February 2016

Mcx Commodity Market News for Gold and Silver

MCX Gold Oct daily chart. Prices continued its upside rally for the straight fifth week. Currently it is trading at crucial resistance of 27830 levels. Momentum indicator RSI is trading in overbought territory, which suggests potential for reversal in the trend. In this week, it is expected to give pullback till 27230 and further till 26860 levels. However, if rally continues then 28300 can be easily see in near term.

MCX Silver daily chart. In the last week, silver prices gained by 3 percent to settle down at 3 moths high of 35806 levels. Technically, last Friday’s Doji candle suggests some reversal in the trend. In this week, prices are expected to correct down till 35190 levels before fresh up move. However, if this rally continues in the near term then 36500 can be easily taken out and prices could rally upto 37450 levels.

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