MCX GOLD DEC: Immediate resistances placed around 29400 and 29600 levels | IndiaNotes.com


Technical Outlook


Gold prices recovered strongly in the last session after taking strong support at its declining trend line of the falling trend channel. Prices have also taken strong support at 50% Fibonacci retracement of its rally from low of 27603 till high of 30474, which is placed around 29038 level. Prices are expected to recover further from these levels towards immediate resistances placed around 29400 and 29600 levels. On the lower side immediate supports are placed around 29240 and 29030 levels.

Silver prices recovered strongly in the last session after a strong sell off in the previous two sessions. Prices have been moving in a descending triangle chart pattern and touched its declining trend line resistance in the previous session. Prices are expected to rise further from these levels if break above its declining trend line resistance currently placed around 39900 level towards next resistance placed at its previous swing high around 40600 level and further around 41900 levels.

   Click here to read the full report