mcx gold outlook for next week 27 to 31 jul 2015
Mcx gold future this week closed with loss at 24731. This was fifth losing week for gold prices. This week gold hit high around 25475 while low was at 24451. Total almost 1000 rupee range or 2.5% downside range from high.
On weekly chart, gold prices are in complete downtrend and deeply oversold. For next week, mcx gold future support zones are 24500 and 23800 while on upside 25050 and 25600 are strong resistances and technical bounce back targets.
If rupee falls and comex gold prices stabilize we may see technical bounce back or recovery up to 26k levels.
mcx silver outlook for next week 27 to 31 jul 2015
Mcx silver future this week closed with loss. This was second weekly loss for silver prices. This week silver future hit high around 34400 while low was at 33310. Total 1100 rupee weekly range or almost 4% drop from high and another negative closing. On weekly chart, silver future price trend is down and momentum also very bearish. Weekly chart indicators are oversold.
For next week, mcx silver support zones are 33000 and 323000 while on upside 34600 and 35580 are strong resistances.
Long term investors can start buy and accumulate strategy here with small quantities. On bounce back expect resistances as technical targets for silver future.