MCX silver is now seen trading within a broad range of Rs.49500-60000 for past three months. The MCX silver prices was resisting on a downward trend support line. A breakout can be seen at Rs.5 close above Rs 57500 level could trigger a short term resistance line (R). A sustains 59976 and head towards of Rs 59030 and Rs sharp rally breaching both the previous top (T1). RSI is firm and holding above 50 mark which indicate our first target of Rs 61268 further bullishness. MCX Gold has been trading positively above trendline support S since the past five months forming higher tops and higher bottoms. The price has currently given a breakout of previous tops at Rs.22840 level supported by good volume. The 14-period RSI has also broken out of trendline reistance and is above the Further, if prices cto hold above the level of Rs.22650 we could see an extended rally till Rs.23270 level.
MCX News 15 July Main Heads For The Day:
#Domestic, international gold prices hit new peak
#Oil prices falls to USD 95.69 a barrel
#Gold: Continues its allure as an ideal investment option in long term
#Buy` MCX Gold (Aug); target Rs 23,400
