Comex gold : Gold Manged to close at 948.3 $ Down by 0.5 % for week. Gold Manged to retest the uper trend Line resiatnce at 962$ after giving a False Breakout of the inverted head & shoulder Patterns on daily basis formed in short term bottom. But Failled to Cross the immediate Resiatcne Finally falling of the cliff again to Close at Support level of 948.3 $ as indicated in the previous Post that this Lvel is a crucial level. Overall gold has Been In sideays For the past three weeks and has been making Doji's on the weekly chart on closing basis , Idnicating that its lacking a clear Signal from the market For the further trend
Looking at the medium term picture till the time Short term resistance of 963 & 977 $ are Crossed on closing basis it would move sideways to Downwards opeing a re-test of 924$ and below which pyschological level of 900 $.
Looking at the indicators MACD & RSI still suggest that it will continue the Sideways Movement . The Stochastic Oscialltor Is indiaction a Short term Downard move. Hence Overall medium term trend is sideways to Downside unless the Medium term reistance of 977 $ is taken off
MCX gold : MCX Gold traded In small range of 3 % for complete week , On upsdie facing Strong resistance near the short term trend Reversal level of 15050 and on dowside getting Support Near the medium term Support Zone of 14750 .Overall the trend Is Looks into Sideways consolidation lacking clear Direction. A Firm Close above 15125 would Mean that the upsdie trend has Resumed and Would Open targets till 15400--15700. On dowsndie 14500 and 14310 Are strong Supports Zone and buying again could come in at Those levels . If Doesnt breach any ways of these crucial level the Same sidewyas trend Would Continue
Comex Silver : Silver prices Were max volatile for the week making a New Monthly high of 15.18 $ finally Falling sharply on last trading Session of week to Close at 14.710 . So has the prices are trading above the short term Support zone of 14.17 $ the upsdie can continue. for re-test of Medium term Resiatcne at 16.25 $ . overall trend Seems to be strong on the upside with Strong bounce coming in on ever Higher bottom made . The Overall Short term Trend will continue to Be bullish So far the 14.17 $ support Is held , Below Which opening the downard targets of re test of Recent medium Term Lows at 12.25 $
Looking at the Indicators the MACD has First given weaking sign indicating that Bulls need to get the Trailling SL for longs quite close. The RSI is about to apporch the short term Over bought zone. The Stochastic Is indiacting that prices Will remian Range bound with traders jumping in to Buy at every Dip.HEnce the Medium Short term trend will remian postive till time it manges ot trade above 14.17$ and fruther break below that would indicate that the prices are getting in correction mode , opeing Downside targets of 12.45 & 11.06 $
MCX silver : MCX silver made New weekly high of 24270 crossing over the previous High of 24149, but Final looseing the steam to close the week at 23714. The Momentum on the upsdie remians to be strong So far 23300 is held On closing basis opening upsdie Possible targets of 24450 ^ 24899 , A Breach below 23300 Would open retest of short term supports at 22900 and a Breach of same Would Indicate that overall short term upside trend is over and prices are all set to correct opening Downside possible targets of 21600 and 20800 eventually
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