mcx bullion weekly : correction is due

mcx gold weekly technical analysis for 24 to 28 aug 2015

Mcx gold future this week closed with huge gains as rupee hit record lows and risk off buying seen in comex gold on Yuan devaluation. For gold prices this was forth gaining week. This week gold hit low around 25855 while high was at 27330. Total 1500 rupee rally in week or almost 6% gains for gold prices from bottom in 1 week period. In last 1 month period gold prices shoot up from 24500 low to 27330 high. Almost 3000 rupee or almost 12% gain in very short time. On daily as well as weekly chart gold looks overbought and correction is due ahead. For next week, gold will have resistance around 27350 and then 28200. On downside 26100 and 25300 are strong support zones.

mcx silver weekly technical analysis for 24 to 28 aug 2015

Mcx silver future this week closed with gain. This was forth gaining week for silver prices. This week silver hit low around 34551 while high was at 34551 while high was at 36786. Total 2200 rupee range or 7% weekly rally from bottom for silver future. On weekly chart silver closed exactly at its 6 month averages. In last 3 weeks period silver rallied from low around 33k to high nearly 37k. Almost 4000 rupee gain in very short period of time. As compared to gold, silver is not overbought on weekly chart so upside can be expected ahead though silver is very volatility commodity so caution must be there.
On upside 37560 and 38800 are resistances for next week. 35800 and 34550 are support zone. Above 34550 silver remain bullish and buy and accumulate.

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Pramod Baviskar

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