mcx gold weekly outlook for 15 to 19 june 2015
Mcx gold future on last trading session closed at 26894 with loss. On daily chart, gold future closed at major short term averages with recovery patterns on price as well as indicators. Gold just closed above 3 month average which is bullish sign.
This week gold closed with gains. This was first week gains for this precious metal after last week’s continues losses. Weak rupee and recovery in comex gold prices helped to gold close in green for week. This week gold future low was at 26725 while high was at 27072. Total 400 rupee weekly range and closed with gains. For next week, watch 27020 level and daily closing above it mean change of trend with higher targets. On upside 27550 will remain target if breakout happen. In situation of failure, primary long term downtrend persist and gold might show dips up to previous low of 26350.
mcx silver weekly outlook for 15 to 19 june 2015
Mcx silver future on Friday closed at 36594 with loss. On daily chart, silver future price trend and momentum both are bearish. Silver is trading below short term averages with bearish and oversold indicators.
On daily chart, 37650 is 1 and 3 month averages bearish crossover level and strong short term resistance for silver. On downside 36100 and 33800 are strong support zones as well as silver targets for next week.
This week silver closed with loss. This was forth losing week. This week silver high was at 37227 while low was at 36450. Total 800 rupee weekly range and closed with loss. In these 4 week period, silver future tumbled from high of 40500+ to lows of 36500. Silver might underperform gold and continue to follow metals trend. Silver future might test 31k in loner terms.