MARKET WRAP GOLD
Last week MCX Gold ended on negative note after consolidation for a week on volatile path amid mixed international markets and thin volumes as many investors remained idle during the Christmas and New Year holidays. In Previous week MCX Gold down by almost 1.00% and settled at INR 24962 while COMEX gold closed downside with 1.57%. In coming week bearish movment is expecteed in Gold if sustain below the level of 25150 then it can test the level of 24800-24500.
Trend: Consolidate Resistance: 25200, 25460
Support: 24780, 24600 Strategy: Sell on High
MARKET WRAP SILVER
Last week MCX Silver witnessed bearish movement with choppy trade and ended on negative note after two weeks consolidation and taking cues from international markets. volumes remained thin due to Christmas and New Year holidays. MCX Silver were down by 2.94% last week and settled at INR 33335 while COMEX Silver closed downside with 4.03%. For the coming week we can expect bearish movment in MCX Silver and can test the level of 33000-32800 if it sustain below 33600.
Trend: Consolidate Resistance: 33990,34640
Support: 32930, 32520 Strategy: Sell on High