mcx bullion report for 20 october 2016

mcx gold report for 20 october 2016 Mcx gold future last closed at 29908 with gain. Gold prices are in the recovery phase and yesterday we saw a breakout above 29750 resistance with strong price movement as well as on strong volumes. Here expect upside move to continue and next target will be 30150. For intraday mcx gold support zones are 29720 and 29650 while on upside 29980 and 30150 are resistances. A breakout above 30150 means upside target of 30600 in medium terms. Mcx gold weekly chart suggesting gold prices if holds 29700 level then expect 31100 level again on the upside in medium to longer terms. mcx silver report for 20 october 2016 Mcx silver future last closed at 42200 with gain. Silver also recovering from lows but facing strong supply around 42400-42500 level which is very strong resistance. But for now mcx silver future outlook is bullish and above 41500 traders can keep buy on dips view. On upside 42400 and 42900 are immediate target zones. If gives breakout above 42400 and sustain then swing traders can expect upside target of 44150 in medium terms. For intraday mcx silver future support zones are 42000 and 41600 while on upside 42400 and 42900 are intraday resistance levels.

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Pramod Baviskar

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