mcx gold future forecast for next week 8 to 12 june 2015
Mcx gold future on last trading session closed at 26746 with gains. On daily chart, gold is in downtrend and last session we seen sharp crackdown in future but recovered in some short covering on lower levels. Gold future is trading below its short term averages with bearish but oversold daily chart indicators. 26850 is 3 month average and 26950 is 1 month average.
Both are strong resistances and targets on technical bounce back. Gold future this week closed with loss. This was third losing week for this precious metal. On weekly chart suggesting deep downside rally in medium terms. For next week fresh short suggesting near 27050 with stop loss for best risk reward ratio. On downside 26350 is target level which almost seen in this week. Below 26350 next support as well as target level will be 25800.
mcx silver future forecast for next week 8 to 12 june 2015
Mcx silver on last trading session closed at 37010 with loss. This week silver closed in red. This was third losing week for silver future. In these 3 weeks prices slide down from highs of 40500 to lows of 36700. This week silver future made high around 39150 while low was at 36700.
Almost 2500 rupee or 8% weekly range and closed with loss. Weekly price trend and momentum both are bearish and downside still wide open for silver future. On upside 37800 is 3month average resistance and 38200 is 1 month average resistance. On downside 36000 and below it 33800 are support as well as target zones for next week. Fresh short are suggested near 38350 zone only for best risk reward with strict stop loss in place.