Mcx gold future this week closed with gain. This was first positive week for gold prices on risk off environment buying. After last 3 weeks continues profit booking prices had taken support around 26k and moving towards 27k+ levels.
This week mcx gold hit low around 25940 while high was around 26590. Total 600 rupee plus weekly range and closed with gains. Gold prices are trading above its 3 and 6 month averages with fresh buy signals on weekly chart.
For next week gold future will have resistances around 27,000 and then 27400 while on downside 26300 and 26200 are support zones.
Traders above 26300 keep long view for target 27k+. Fresh buying suggested near 26100-26200 zone with strict stop loss in place.
Mcx silver future this week closed with huge gains. Silver this week given bullish breakout above its 6 month average with price and above average volume. For next week silver outlook will be bullish. On upside 37500 and 39000 are strong resistance zones on weekly chart while on downside 35900 and 34500 are strong support zones.
35900 is mcx silver 6 month average level and 35400 is 3 month average level.
Fresh buying suggested near 35400 on correction for best risk reward ratio with strict stop loss in place. On upside targets will remain at 37500 and then 39000 for medium terms.