Outlook, trading strategies for gold & silver
MCX silver price has given a channel breakout suggesting buyers strength.
By ET CONTRIBUTORS |
iStock
By Ravindra Rao
Kotak Securities
MCX Gold
MCX gold price witnessed an inverse head and shoulder breakout indicating a bullish bias. Upside momentum could continue for the targets of Rs 52,800 followed by Rs 53,200 with supports around Rs 51,700 and Rs 51,450 (swing high turned as demand zone). Relative strength index (RSI) is above 60 suggesting the bulls are in control.
Strategy
MCX Silver
MCX silver price has given a channel breakout suggesting buyers strength. ATR expansion indicates the upside resistance could extend till Rs 66,600 levels followed by Rs 67,800, while the immediate support is placed at Rs 64,000. Relative strength index (RSI) is at 59.94 supporting bulls over bears.
Strategy
Kotak Securities
MCX Gold
MCX gold price witnessed an inverse head and shoulder breakout indicating a bullish bias. Upside momentum could continue for the targets of Rs 52,800 followed by Rs 53,200 with supports around Rs 51,700 and Rs 51,450 (swing high turned as demand zone). Relative strength index (RSI) is above 60 suggesting the bulls are in control.
Strategy
- BUY MCX Gold Dec at Rs 52,000; Target at Rs 52,800; Stop loss at Rs 51,700
MCX Silver
MCX silver price has given a channel breakout suggesting buyers strength. ATR expansion indicates the upside resistance could extend till Rs 66,600 levels followed by Rs 67,800, while the immediate support is placed at Rs 64,000. Relative strength index (RSI) is at 59.94 supporting bulls over bears.
Strategy
- BUY MCX Silver Dec at Rs 65,000; Target at Rs 66,600; Stop loss at Rs 64,000
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
