Mcx gold future this week closed with gain. This was second positive week for gold prices. This week gold future hit high near 25k while low was at 24500. Total 500 rupee or 2% weekly volatility and positive weekly closing. Weekly chart, price pattern suggesting recovery ahead while indicators pattern suggesting gold bottomed out at 24500 levels. Though gold future still trading way below major averages on weekly chart.
For next week, gold future will have support zones around 24600 and then 24250 while on upside expect strong resistances at 25300 and 26100. Risky traders can use buy on dips strategy for mcx gold future for next week. Stoploss remain below 24500 for target 25300 and 26100. Expect high volatility in bullion ahead of fed rate hike on rupee and comex gold prices relation. Trading will be difficult here due to high volatility.
Mcx silver future this week closed with gain. This was second positive week for silver prices. This week silver hit high around 34350 while low was at 33300. Total almost 1050 rupee range or 3% weekly volatility and closed with gain. Same like gold price and indicators pattern suggesting early bottomed out signal and recovery signals for silver prices.
For next week, silver future outlook remain bullish. 32500 and 31800 are support zones while 34800 and 35500 are strong resistances as well as target zones if recovery rally continues. Indicators are off the low and off the oversold zones.