Gold: currently trading at 1647. Day trading range will
remain between 1620-1680. Intraday trend is down but trading at potential
support zones so recovery can’t be ruled out. Technical indicators are in
overbought criteria that are suggesting a partial recovery from 1640-1630
zones. So we have to avoid fresh shorts in gold. Immediate support placed at
1635 failure may take it to 1628-1624 but further down side would confirm only
below 1620 resistance seen at 1662 consolidation above 1662 would take it
1676-1680 zones. 1683 zones will also act as good resistance 1703 will remain
key resistance for short term.
Silver: currently trading at 32.08 day trading range will
remain between 31.50-33.50 trend is down. Silver having very important support
at 31.50 zones and silver must sustain below this to confirm more down side. Failure
below 31.50 would signal down side ride till 30.50-30.35 for this swing. Immediate
strong resistance seen at 32.50 zones consolidation above 32.50 would signal a
rise till 33.10-33.20 but 33.50 will remain key resistance for today’s trading
session and closing above 33.50 would signal recovery on daily scale. Otherwise
trader can use selling on rise strategy in silver till not manage to close
above 33.50
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