Mcx gold weekly-almost hit 28k given tgt 28400+
Mcx gold future this week closed with gain. This was second week of gain for gold prices. In these 2 weeks gold rallied from low near 26900 to almost 28k. Total 1100 rupee gains for gold prices or 4% gain from lows in 2 weeks.and my first target was at 28400 while we saw high of 28k in this week. Above 27630, mcx gold will remain buy on dips for target 28400 in next week. Daily closing below 27630 will falter uptrend and might trigger sharp selling pressure for breakdown target 26750. and on downside target as well as support zones are 24100 and 20900 for year 2017.
Mcx silver weekly-hit high 40678 tgt 41500
closed at 40340 with gain. This was second positive week for silver prices and in these 2 weeks . Total 2400 rupee gains from bottom in 2 weeks. For this week, mcx silver above 39900 on daily closing basis remain buy on dips for target 41500. We already saw high of 40700 in this week after bullish breakout above 39900. Above 41500, mcx silver next positional swing target will be 43600. From long term view, mcx silver below 40500 on weekly closing basis remain weak and sell for downside targets of 31900 and below in year 2017.