mcx bullion for next week : expect correction


Mcx gold future this week closed with gain. This was third gaining week for gold prices. We have seen strong gains for gold due to comex gold prices rally and heavy weakness in Indian rupee. This week mcx gold low was at 24876 while high was at 26034. Total 1200 rupee or 5% weekly range and closed with gain. This week gold prices breached its 3 month average and almost touched 6 month average level.
For next week, above 25250 gold will remain bullish and buy on decline. On rupee bounce back expect some correction I gold future and that might be buying chance for fresh entry. On upside 26100 and then 27350 are resistances and gold targets for month of august.

Mcx silver future this week closed with gain. This was third gaining week for silver prices and strong gains. This week silver prices touched its 3 and 6 month averages and closed at 3 moth average. Next week closing will be crucial for medium to long term investors. This week silver low was at 33957 while high was at 36240. Total 2500 rupee weekly range and closed with gain.
For next week, silver future support zone are 34550 and 32800. Above 34550 silver will remain buy and accumulate for month of august. On upside 35800 and 37500 are strong resistances.

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Pramod Baviskar

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