MCX Gold, rebounded last week from lower levels following international market as the U.S. dollar turned lower, shrugging off a turn higher in global shares and better-than-expected U.S. economic data.In Previous week MCX Gold down by 1.46% and settled at INR 29766 while COMEX gold closed down with 2.99%. In coming week bullish movement is expected if it sustain above 29400 and break 33100 then upside movement is expected.
Trend: Consolidate Resistance: 30180, 30590
Support: 29220, 28670 Strategy: Buy on Dips
MARKET WRAP SILVER
Last week MCX Silver witnessed bullish movement for the entire week due to taking cues from international market and growing bullion demand ahead of volatile equity market as bullion, seen as a shelter for risk-averse investors. MCX Silver were down by 4.28% last week and settled at INR 37802 while COMEX Silver closed downside with 5.50%. For the coming week we can expect upside movement if it manages to sustain above 37000 then it can test the level of 38500-39000.
Trend: Consolidate Resistance: 38600,39420
Support: 36450,35100 Strategy: Buy on Dips