Gold trading range for the day is 28708-29214. Technically market is trading in
the range as RSI for 18 days is currently indicating 54.53, where as 50 DMA is
at 28672 and Gold is trading above the same and getting support at 28839
and below could see a test of 28708 level, And resistance is now likely to be
seen at 29092, a move above could see prices testing 29214.
Gold yesterday once again dropped below 29k level and settled with a fall of -0.41% at 28969 and remained on shaky ground as worries about Greece and the euro zone still dominated market sentiment after a EU summit yielded few practical steps to manage the debt crisis.
Silver trading range for the day is 52866-54726. Technically market is trading in the range as RSI for 18 days is currently indicating 39.17, where as 50 DMA is at 56669 and Silver is trading below the same and getting support at 53342 and below could see a test of 52866 level, And resistance is now likely to be seen at 54272, a move above could see prices testing 54726.
Silver tested key support levels for a second time in a week as a wave of selling hit commodities, the euro and equities, before bouncing off those lows but slight support seen on rupee weakness which once again closed below 56.00 level. Silver dropped -1.07% as sentiment and the euro remained fragile as European leaders met to discuss the deepening euro zone debt crisis.
In today’s trade, Expecting Precious metals to trade lower as a stronger dollar coupled with weak global market sentiments will add pressure on prices.
Gold yesterday once again dropped below 29k level and settled with a fall of -0.41% at 28969 and remained on shaky ground as worries about Greece and the euro zone still dominated market sentiment after a EU summit yielded few practical steps to manage the debt crisis.
Silver trading range for the day is 52866-54726. Technically market is trading in the range as RSI for 18 days is currently indicating 39.17, where as 50 DMA is at 56669 and Silver is trading below the same and getting support at 53342 and below could see a test of 52866 level, And resistance is now likely to be seen at 54272, a move above could see prices testing 54726.
Silver tested key support levels for a second time in a week as a wave of selling hit commodities, the euro and equities, before bouncing off those lows but slight support seen on rupee weakness which once again closed below 56.00 level. Silver dropped -1.07% as sentiment and the euro remained fragile as European leaders met to discuss the deepening euro zone debt crisis.
In today’s trade, Expecting Precious metals to trade lower as a stronger dollar coupled with weak global market sentiments will add pressure on prices.
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