bullion commodity report for 19 october 2016

gold commodity report for 19 october 2016 Mcx gold future last closed at 29776 with gain. Mcx gold for short term entered the bullish zone. For intraday, mcx gold will have support around 29700 and 29600 while on upside 29885 and 30050 are resistances. For intraday traders can keep long view and expect higher targets. Gold prices are coming off lows from oversold zones. Above 30150 expect strong short covering rally for target 30600+. Daily closing below 29700 means downside target of 29300 and below. Expect high volatility in bullion market in short to medium term due to rupee as well as comex effect.   silver commodity report for 19 october 2016 Mcx silver future last closed at 42175 with gain. Mcx silver given breakout above 41850. Now for short term expect higher level for mcx silver futures. On the upside, mcx silver will face strong resistances at 42800 and 43200 and these are short term targets. On downside 41850 and 41500 are supported zones as well as stop loss levels for long traders. Daily closing above 42400 will confirm short term recovery rally for target 44200. But below it, outlook remain weak and consolidation with a negative view will continue. For mcx commodity tips on whatsapp with live support and follow ups join our commodity tips service.

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Pramod Baviskar

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