MCX Bullion weekly report for 24 to 28 October 2016

MCX Bullion gold report for 24 to 28 October 2016 Mcx gold future this week closed at 29993 with gain. Gold future closed positive for the week after last 3 weeks strong sell-off. Weak rupee and value buying on lower level helping gold prices to move upside. Mcx gold on the weekly chart look like bottomed out and oversold. So expect higher levels for mcx gold in medium to long terms. For next week, mcx gold support zones are 29750 and 29300 while on upside 30150 and 30625 are resistance zones as well as short to medium term target zones. Mcx gold weekly chart suggesting gold prices has taken medium to long term support at 29700 and now heading towards 31200 for long term targets. MCX Bullion silver report for 24 to 28 October 2016 Mcx silver future this week closed at 41998 with gain. Silver also recovering after last 3 weeks strong sell-off. In last 3 weeks, silver prices fell from 47k to 41k lows. Almost lost 12-13% and now in the recovery phase. On upside 42400 is resistance and if silver prices cross that then expect strong buying, as well as short covering rally up to 44200 but failure to do so, will result in another sharp selloff in silver which eventually might take it to 40600 to 38800 lows. Weekly chart suggesting bottoming out but daily chart is weak and suggesting downside for silver prices. Short term traders below 42400 keep short view or buy only above 42400 for targets 43500 and 44200. While medium to long term investors can follow buy and accumulate on decline view on silver future for targets 43300 to 46k+.For mcx bullion tips on whatsapp with live support and follow ups join our commodity tips service.

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Pramod Baviskar

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