Gold MCX Range 29029 to 29580; Sell On Rise

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Gold MCX Range 29029 to 29580; Sell On Rise

Gold Silver Reports – Gold trades lower as sentiment in equity markets continues to improve. A stronger INR too weighs on domestic prices. Investment demand meanwhile continues to support prices with SPDR holdings at highest since September 2014.

Crude prices rebounds despite the jump in US oil inventories. Expectations of slowdown in US production and talks about a production freeze by major producers who are due to meet this month are supporting sentiments.

MCX Gold – Initial upside could be seen in MCX Gold, but rallies could be limited till Rs.29580 which could act as critical resistance area. Supports are placed at Rs.29029 area.

Spot Gold strong resistance at $1266 area and bias looks weak as long as pirce holds below resistance area. Supports are at $1220 levels.

Silver MCX  Strong resistances at 37040 Levels as bias will remain sideways to negative as long price holds below resistance area. Price break below immediate support of Rs.36010. – Neal Bhai Reports