MCX GOLD-JULY
Prices have been challenging the crucial resistance band of 22680-720. We favour upswing towards the region initially, but expect to hold the same followed by a consolidation and a drift lower later. A direct rise above 22720 would open rooms for fresh short covering rallies towards 22800/22950 or even more.
Res 3 : 23300 || Sup 1 : 22540
Res 2 : 23050 || Sup 2 : 22420
Res 1 : 22700 || Sup 3 : 22250
MCX SILVER-JUN
The uptrend seen so far during the day may not continue unless above 59000 convincingly. On a broad perspective it would be required to close above 59100 to set off fresh rallies towards 60000/63000 or even more. However a turn lower from 59000 if turn up could stretch the trend as low as 57500/56600, but unlikely to trigger major weakness as long as 54000 held the downside.
Res 3 : 63000 || Sup 1 : 57300
Res 2 : 60150 || Sup 2 : 55900
Res 1 : 58900 || Sup 3 : 53300
Prices have been challenging the crucial resistance band of 22680-720. We favour upswing towards the region initially, but expect to hold the same followed by a consolidation and a drift lower later. A direct rise above 22720 would open rooms for fresh short covering rallies towards 22800/22950 or even more.
Res 3 : 23300 || Sup 1 : 22540
Res 2 : 23050 || Sup 2 : 22420
Res 1 : 22700 || Sup 3 : 22250
MCX SILVER-JUN
The uptrend seen so far during the day may not continue unless above 59000 convincingly. On a broad perspective it would be required to close above 59100 to set off fresh rallies towards 60000/63000 or even more. However a turn lower from 59000 if turn up could stretch the trend as low as 57500/56600, but unlikely to trigger major weakness as long as 54000 held the downside.
Res 3 : 63000 || Sup 1 : 57300
Res 2 : 60150 || Sup 2 : 55900
Res 1 : 58900 || Sup 3 : 53300
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