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MCX Silver July futures is in consolidation and sustaining in range - CapitalVia

Posted On: 2014-06-23 20:57:56

Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited

Gold futures edged lower on Friday, but remained close to two-month highs as the Federal Reserve's latest policy statement continued to support, as well as concerns over ongoing violence in Iraq. weakness in Dollar after Federal Reserve slashed its forecast for economic growth and indicated that the Interest rate may remain lower for some time may support prices to trade in green. The central bank cut its bond purchases by $10 billion a month, to $35 billion, saying there was "sufficient underlying strength" in the U.S. economy to continue tapering. However, Strong economic data from US and US Federal Reserve decision to cut its monthly bond buying program by $10B to $35B may sharp upside in the prices. Profit booking at higher levels can be witnessed.

Over all, MCX Gold August future is in consolidation and sustaining above the level of 27500.So for the coming week, we are expecting good buying from the lower levels. For the coming week 27500/27200 will act as a major support whereas 28300/28600 will act as a major resistance level in MCX Gold August future. For the next week in MCX Gold, trader can use buy on lower level strategy, if MCX Gold August future sustains above the levels of 27785 then it could test the levels 27900/28300.

Technically, MCX Silver July futures is in consolidation and sustaining in range. For the coming week 47000/48500 will act as a major resistance levels where as 43700/42000 will act as major support in MCX Silver July futures. For the next week in MCX Silver futures, traders can use buy on lower level strategy, if MCX Silver July futures sustains above 44700 then it could test the levels of 45600/ 47000.


Source: Equity Bulls

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