MCX Gold rises in early part of the week due to after oil producers failed to agree on an output freeze but all gains erased in later part ahead of as the dollar advanced versus the yen and the euro, putting the metal on track to post its second straight weekly loss. In Previous week MCX Gold was slightly up by 0.21% and settled at INR 29021 while COMEX gold closed slightly down with 0.03%. In coming week bearish movement is expected if it sustain below 29400 then down side movement is expected.
MARKET WRAP SILVER
Last week MCX Silver also witnessed bullish movement in early part of the week as OPEC and Non-OPEC producer failed to agree on output freeze sending crude prices and equities tumbling and stocking safe-haven demand for bullion but slipped from recent high. MCX Silver was up by 3.84% last week and settled at INR 39985 while COMEX Silver closed upside with 3.94%. For the coming week we can expect consolidated movement between the range of major resistance 40850 and major support of 38100.