MCX Today Tips

GOLD (April)
In the Last week it was mentioned that that sustained above 29100 positive bias would continue and unable to hold and made a low of 27547 and closed at 27993. Short-term trend down until or unless recommend to sell-on-rise strategy in next few sessions with tight stop loss.

For today Gold Resistance level at 28310-28360, trade and sustained above with higher volume, trend will change and buy side, downside support at 28800 to watch out.

SILVER (March)
In the Last week it had gone bullish above 56120 and unable to cross major resistance of 58200-57300 and started some profit booking/selling at higher level. In this week consider resistance at 57100-57300, and support range at 57100.

Today the Silver Trend is bullish but higher-level pressure to continue by Bears unless successful crossover 59000 with volume, downside support 56100 to watch out.

MCX Free Intraday Tips India

MCX Gold and MCX Silver Market

MCX Today - MCX silver price has broken through a downtrend channel line (blue) and is trading below Rs 50,000 on Thursday trade. Near month March contract is at Rs 49,422 as of 11:39 IST.

International silver prices are also trading lower. COMEX silver January contract is trading at $26.915, a decline of $0.277 as of 11:41 IST. 

In the Chart below, Silver has broken steeply below the channel line, indicating that prices may crash severely. In such a situation, the first downside target would be the September low of around Rs 47500.

December's imports of MCX Gold bullion to India, which has no domestic gold mining output, will likely stand 50% below the level of December 2010. "Inflation is too high and buying is not very aggressive," says Prithviraj Kothari, president of the BBA, adding that gold needs to fall back to 25,000 rupees per 10 grams to "spur some buying interest" after rising more than 30% and hitting new records above Rs29,000 earlier this month.