MARKET WRAP GOLD
Last week MCX Gold, traded near its highest since October on Friday, is on track to score its strongest weekly gain in a month as the U.S. dollar is pressured by growing doubts that the Federal Reserve can stick to its interest rate hike campaign In Previous week MCX Gold up by 3.33% and settled at INR 27524 while COMEX gold closed up with 5.05%. In coming week bullish movement is expected in Gold if sustain above the level of 27300 then it can test the level of 27800-28000.
Trend: Consolidate Resistance: 27830, 28130
Support: 26960, 26410 Strategy: Buy on Dips
MARKET WRAP SILVER
Last week MCX Silver traded upside for the entire week as a shaky global economy from China to Europe & volatile financial markets have lifted buying interest in precious metal supported by pressurized U.S. dollar due to doubts on Fed interest rate hike campaign. MCX Silver were up by 3.04% last week and settled at INR 35806 while COMEX Silver closed upside with 5.12%. For the coming week we can expect upside movement if it manages to sustain above 35500 then it can test the level of 36300-36500.
Trend: Consolidate Resistance: 36390,36980
Support: 34910, 34030 Strategy: Buy on Dips