MARKET WRAP GOLD
Last week MCX Gold ended positive after six-week losing streak as a slump in the dollar buoyed the metal above 2010 lows ahead of lower ISM Manufacturing PMI and ISM NonManufacturing PMI. In Previous week MCX Gold were up by 2.62% and settled at INR 25715 while COMEX gold closed with 2.82% upside. In coming week we can expect bearish movment in Gold if sustain above the level of 25500 then it can test the level of 25750-25850.
Trend: Consolidate Resistance: 26180, 26650
Support: 25090, 24460 Strategy: Buy on dips
MARKET WRAP SILVER
Bullion counter, Silver futures closed on positive note for second consecutive week due to tracking international market supported by various negative economic events released last week by united states. MCX Silver were up by 4.44% last week and settled at INR 35198 while COMEX Silver closed at USD 14.53 with 3.71% upside. For the coming week we can expect bullish movment in MCX Silver and can test the level of 35500-35700.
Trend: Consolidate Resistance: 35880, 36560
Support: 33960, 32730 Strategy: Buy on dips