Gold
Last
week, Gold unable to breach its support level of 25900 and took U-turn amid
hawkish statement from Federal reserve. Gold made a low of 25940 and bounced
back sharply to 26590 and finally settled with a weekly gain of 1.93% at
26469 along with it closed above 21DEMA and 55DEMA which is at 26266 and
26162 respectively.
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This
week, Gold has support at 26200---25850 and resistance at 26600 mark. Two
consecutive closes above 26600 will take to 27050---27200 and then to 27600
mark. Further upside rally seen only close above 27600 mark else it could test
its support level of 26200----26050 mark again. Further panic seen only weekly
close below 25850 mark. Three consecutive closes + weekly close below 25850
will see free fall in Gold but unlikely to breach its support level in near
terms.
For this week, gold trend looks positive and likely to its upper target.
Gold is trading in a range of 24400---27800 and we will expect that this range
remain continue for short to medium term. MACD and RSI on weekly basis also
indicate direction less trading in it. For this week, traders can buy and
accumulate Gold in panic around 26350---26200 as downside seems limited for
this week with stop loss of 25850 for the initial target of 26600 and then to
27050---27200 mark.
Silver
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Silver
took the support level of 34500 and bounced back sharply to 36690. We
recommended fresh buying above 35300 and settled with a weekly gain of 3.15%
at 36077 along with it close above 21DEMA and 55DEMA which is at 35328 and
35326 respectively.
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This
week, Silver has support at 35300---34500 and resistance at 36700 mark. Two
consecutive closes above 36700 will take to 37800---38500 and then to 40000
mark. Further upside rally seen only close above 40000 mark else it could test
its support level of 35800----35300 mark again. Further panic seen only weekly
close below 34500 mark. Three consecutive closes + weekly close below 34500
will see free fall in Silver but unlikely to breach its support level in near
terms.
For this week, Silver trend looks positive and likely to its upper
target. Silver is trading in a range of 33000---38500 and we will expect that
this range remain continue for short to medium term. MACD and RSI on weekly
basis also indicate direction less trading in it. For this week, traders can
buy and accumulate Silver in panic around 35700---35300 as downside seems
limited for this week with stop loss of 34500 for the initial target of 36700
and then to 37800---38500 mark.
