White metal in reverse gear on global cues

Silver futures closed low in the domestic market on Friday as investors and speculators exited their positions in the precious metal tracking overseas cues.

Prices for silver futures fell as hawkish comments from US Fed officials raised bets on a rate hike as early as September, thus diminishing demand for silver. At the MCX, silver futures for December 2016 contract closed at Rs 46,240 per kg, down by 1.01 %, after opening at Rs 46,719, against a last close of Rs 46,714. It touched the intra-day low of Rs 46,125.

Continue reading →

MCX Live: Gold Silver Tips For Today

MCX Gold Tips

Gold is set to advance for a fifth day in the longest winning streak since April on speculation that the U.S. Federal Reserve will take additional steps to buoy the economy, potentially weakening the dollar. Gold suggest that prices are trading close to a crucial resistance of 30150. Stochastic is losing its strength. We expect prices to correct up to levels of 29700.

Trading Call: Sell around 30150 levels with a stop loss placed above 30300 levels for targets of 29700 levels.

MCX Silver Tips

The white metal touched an intra-day low of $28.71/oz and closed at $28.80/ on Wednesday. In the Indian markets, prices declined by 0.1 percent and closed at Rs.55,015/kg in yesterday’s trading session. MCX Silver suggest that prices have breached the crucial resistance of 55100. RSI is in a buy mode. We expect prices to go up to levels of 55700.

Trading Call: Buy around 55100 levels with a stop loss placed below 54800 levels for targets of 55700 levels.

Continue reading →