MCX Gold Outlook and Technical Levels

Re-emergence of concerns with respect to global economic growth will lead to strength in the US dollar index today.

On back of this, we expect gold and silver to trade lower. Silver will also take cues from movement in base metals pack.

However, depreciation in the Indian currency will cushion sharp decline on the domestic platform.

MCX Gold Apr’12 Rs/10 gms support: 28065/27942 resistance: 28243/28345
MCX Silver May'12 Rs/kg support: 56231/55885 resistance: 57150/57740