Mcx gold future this week closed with strong gain at 25720. After taking support around 24800, gold prices recovered on account of weak rupee and risk on buying environment. Gold prices touched its 20 weeks average and closed below it. Weekly chart price trend still down but indicators are given a buy signal. however for next week strategy still remain as sell on the rise on upside 25950 and 26300 are fresh short entry zones with a stop loss on downside 25200 and below levels are target zones. This was only short squeeze rally and I am not seeing any real investors buying!!
Mcx silver future this week closed with a gain. This was a second weekly gain for this bullion. This week silver future prices recorded low around 33200 while weekly high was at 35330. Prices touched 20 weeks average level and closed below it. This is a just technical bounce back on short covering. For next week, 35650 and 36350 are strong resistance zones and fresh short entry zones with stop loss. On the downside, 34900 and 33700 support zones and targets on trend continuation.