mcx bullion weekly outlook for 31 aug to 4 sep 2015

gold future weekly tips for 31 aug to 4 sep 2015

Mcx gold future this week closed with heavy loss. This was first negative week for this precious metal after last 4 weeks straight gains. This week gold future hit high around 27833 while low was at 26169. Total 1700 rupees or 8% weekly swing and closed with loss. On downside 26300 and 26100 are strong support zones of weekly chart averages. For next week gold outlook remain bullish. On upside 27350 and 28200 are resistances as well as target zones. On downside 26100 and 25300 are strong support zones as well as stop losses for long positions.

silver future weekly tips for 31 aug to 4 sep 2015

Mcx silver future this week closed with loss. Silver future this week hit new low near 33k levels. This was first weekly loss for silver future after last 4 weeks gain. But silver future almost lost all gains and dipped into red in this week. This week silver future hit high at 36140 while low was at 33151. Total 2900 rupee weekly range and closed with loss. Silver given reversal from major average on weekly chart which is very bearish signal for medium term view. For next week, silver outlook remain bearish below 34550 levels only. On downside 32800 and 31500 are support zones as well as target levels if downtrend continues. On upside 34550 and 35800 are strong resistances.

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Pramod Baviskar

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