MCX Gold Silver Price Forecast: Trade With 500—1000 Lots

We expect gold silver prices to trade sideways. Bullion under buy on dips this week with COMEX spot gold resistance at $1755 per ounce and support at $1692 per ounce. At MCX, Gold October prices have near term resistance at Rs. 51300 per 10 grams and support at Rs. 49900 per 10 gram. COMEX Spot silver has near term resistance at $19.50 per ounce with support at $18 per ounce. MCX Silver December has important resistance at Rs. 57180 per kg and support at Rs. 53100 per kg

Buy Gold Silver 1000— 500 Lots or So Jaaao

Buy MCX Gold (October) – Weekly Target 50,920——51,300 (Buy on Dips)

Buy MCX Silver (December) – Weekly Target 56,800——57,400 (Buy on Dips)

A lot will depend on the path of inflation. If inflation decelerates relatively quickly and to an acceptable level, the Fed could announce a triumph over the inflationary beast (at least in the first battle) and reverse or at least pause interest rate hikes. Then, a recession could be relatively mild while its support for gold is positive but limited. However, if inflation remains stubbornly high, the Fed could continue its hiking cycle, which could trigger a potentially severe recession and make gold shine really bright.

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Neal Bhai Reports (NBR) By CFA’s Technical Team
Mobile No. 9582247600 & 9899900589

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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