By Ravindra Rao
MCX gold price is swinging in the range of Rs 51,100-51,450 levels with a flattened Bollinger band indicating a sideways trend. Immediate resistance is at Rs 51,400, followed by Rs 51,650. Meanwhile, support holds around Rs 50,650, followed by Rs 50,350. Stochastic works as a cashing machine in the sideways trend supporting the bears over bulls.
- Sell MCX Gold Dec at Rs 51,250
- Target at Rs 50,650; Stop loss at Rs 51,500
MCX silver price volatility (ATR) has expanded suggesting bigger moves. Supply zone is at Rs 64,000-64,200 levels, likewise, immediate support is at Rs 61,300, followed by Rs 60,100. However, the momentum indicator (RSI) is hovering below 50 signifying a weaker trend. A close above Rs 64,200 will negate the bearish trend.
- Sell MCX Silver Dec at Rs 63,200
- Target at Rs 61,300; Stop loss at Rs 64,300