mcx bullion commodity report for 18 october 2016

mcx gold commodity report for 18 october 2016

Mcx gold last closed at 29726 with gain. Gold prices consolidating after fall but outlook remain bearish below 29850. On downside 29500 and 29260 are support zones and mcx gold might test them before moving upward. For intraday gold trade will be on short side for targets 29500 and 29260. On upside 29850 and 30050 are strong resistance zones. Look like gold bounce back is nearly over and now it is time to go down.

mcx silver commodity report for 18 october 2016

Mcx silver future last closed at 41920 with gain. Silver also is in a downtrend and consolidating after sharp fall. Here also the same view and look like bounce back is nearly over. On upside 42400 to 42800 is major supply or resistance zone and silver prices failed to cross them. On the downside, next to fresh selling will have their targets at 41000 to 40650 level. Mcx silver weekly chart suggesting fresh downside and negative weeks ahead for silver prices.

 

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