MCX Gold, fell last week, as the dollar rebounded and oil and world stock markets rose supported by Physical gold demand slows in top consumer China and highest SPDR Gold Trust holdings since Aug 2014 to 25.68 million ounces on Thursday. In Previous week MCX Gold down by 0.89% and settled at INR 29500 while COMEX gold closed down with 0.67%. In coming week bearish movement is expected if it sustain below 30200 then down side movement is expected.
Trend: Consolidate Resistance: 30090, 30670
Support: 28990, 28480 Strategy: Sell on High
MARKET WRAP SILVER
Last week MCX Silver witnessed slight bearish movement ahead of low demand in international market and a strike by jewelers protesting against the imposition of a tax curbed demand of bullion. MCX Silver were down by 0.51% last week and settled at INR 37610 while COMEX Silver closed downside with 0.13%. For the coming week we can expect downside movement if it manages to sustain below 38300 then it can test the level of 37500-37000.
Trend: Consolidate Resistance: 38310,39010
Support: 36780,35960 Strategy: Sell on High