MCX Gold likely to continue downtrend (17th jan)

MCX Gold future prices settled down on Friday at Rs. 20231 per ten grams against previous close of 20438 down by more than one percent. MCX Feb Gold contract opened flat this morning at 20262, made an intraday high of 20322 and last traded at 20266 up by 5 rupees on the base of technical selling after it made an intraday low of 20262 tracking weakness in international markets.

MCX Gold future prices are likely to fall in the next few weeks and may touch 20100-19900 levels. Support for MCX Gold Feb contract is seen at 20100 and below it; prices can test 19800, while the resistance levels are 20500 and 20750 respectively. Short term range of MCX Gold future prices is 20000-21000.

While, support for the Silver is seen at 43000 and below it could touch 42000 and 41250. While resistance levels are 44250 and 45500. 14 days RSI for Silver Mar contract is at 41 levels and shows that Silver future prices are falling steadily. Silver future prices are likely to fall further on profit booking and may touch 43500-42300 levels within next few weeks.

Short term traders can sell MCX Gold Feb contract near 20350 keeping a stop loss of 20460 and wait for the targets of 20200-20100. While MCX Silver Mar contract can be sold near 44200 keeping stop loss of 45500 and can wait for the targets of 43250-42500.

Subscribe Commodity Market Alert In Mobile CLICK HERE