Bullion weekly technical analysis 23-27 January 2017

mcx gold weekly technical analysis 23-27 January 2017

Mcx gold weekly-achieved my tgt 28400 next tgt 29300

Mcx gold future this week closed with gain. This was forth gaining week for gold prices. In these 4 weeks gold prices rallied from low of 26900 to high up to 28800+. Total 900 rupee or 3% plus gains for gold prices in 1 month. Mcx gold achieved my positional technical target of 28400 and now moving towards my next target of 29300. Above 28400, mcx gold will remain buy and accumulate and traders can expect 29300 target in next week. Volatility will remain high on news flow from US markets. From investment view, mcx gold entered bullish trend for 2017 and heading towards target of 31400+. mcx silver weekly technical analysis 23-27 January 2017

Mcx silver weekly-hit target 41500 now watch for 43600

Mcx silver this week closed with gain at 41551. This was fourth week of gain for silver prices. In these four week silver prices rallied from low of 38300 to highs of 42k+. Total 3700 or almost 10% gains in 1 month period.   Mcx silver achieved my given target of 41500 and now will head for my next positional target of 43600. Mcx silver above 41500 will remain buy on dips for tgt 43600. Below 41500, mcx silver major weekly supports will be 41100 and 39900. From investment view, mcx silver given breakout above 40400 resistance and will head towards 2017 target of 47500.

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Pramod Baviskar

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