MCX Gold, edged higher on Friday despite a rebound in stocks, underscoring support for the safe-haven asset from bullish technical and money flows into exchange traded funds. Assets of SPDR Gold Trust, rose to their highest since March 2015 on Wednesday. In Previous week MCX Gold down by 0.60% and settled at INR 29337 while COMEX gold closed down with 0.58%. In coming week consolidated movement is expected in the range of 29700-28500 but sell on high strategy can be adopted by traders.
Trend: Consolidate Resistance: 29920, 30490
Support: 28780, 28220 Strategy: Buy on Dips
MARKET WRAP SILVER
Last week MCX Silver witnessed consolidated movement in most part par of the week but closed on lower note industrial demand of the silver goes down due to higher prices but safe heaven demand of bullion metal kept it buying interest. MCX Silver were down by 3.38% last week and settled at INR 36250 while COMEX Silver closed downside with 4.23%. For the coming week we can expect downside movement if it manages to sustain below 37000 then it can test the level of 36000-35500.
Trend: Consolidate Resistance: 37400,38550
Support: 35620,35000 Strategy: Buy on Dips