Wednesday, June 20, 2012

MCX Tips: Gold Silver Updates Today

MCX Gold
Gold futures prices are showing quite rigidness, staying within a stiff range amid an upheaval of Greece remaining within the Euro. Despite yesterday’s G-20 meet confronts with a relaxed terms on Greece’s bailout, the metal could have had hardly any gain while the Euro rallied. With the broad tend looking positive, intraday weakness could only be seen if prices stay below 30370 region towards 30200/130 levels or even lower. However, a vertical rise through 30370 region could activate fresh rally towards 30500/30700.
Buy is suggested in MCX Gold Aug around 30200, Target of 30280-30360 with a stoploss of 30145.

MCX Silver
Silver futures prices have changed a little at early Globex with slight support from the Asian equities. Market may remain quite volatile today evening ahead of the FOMC meeting. In MCX broad trading range is seen inside 55350-54000 levels, either side breakout would be required to suggest fresh directional moves. Direct rise above 55350 will be an early signal of short covering rally towards 56100/57000.
We suggest a buy in MCX Silver Jul around 54350, Target: 54700-55100 with a stoploss of 54230.