MCX Gold April futures held the important thing help close to Rs 44,975 (which is 78.6% Fibonacci extension of the current down pattern) and witnessed a rebound. In the meantime, value continues to be hovering within the downward sloping channel with speedy resistance close to Rs 45,850 (5 day EMA), adopted by Rs 46,850 (21 Day EMA). As talked about earlier than, key help for April future exists round Rs 44,975, adopted by Rs 44,600. On the momentum entrance, RSI is hovering within the oversold zone (31), indicating weak spot. Nonetheless this oversold nature of RSI may restrict extra draw back in gold costs. Going by the above evaluation value is predicted to maneuver within the band of Rs 44,975-45,850 with sideways to draw back bias.
Promote MCX Gold April at Rs 45,700 with a goal of Rs 45,100 and a cease loss at Rs 45,950.
MCX Silver Could futures witnessed good rebound as value held the important thing help close to Rs 66,400. In the meantime, value is buying and selling across the pattern line resistance of Rs 69,600, which might be the primary hurdle for value, adopted by Rs 70,780 (a number of high). Nonetheless a adverse crossover of 5 and 21 day EMA suggests some correction. On the momentum fort, RSI is hovering round 50(51) suggesting a sideways pattern. Therefore for the day, value is predicted to maneuver within the vary of Rs 69,600-67,400 with sideways bias. Solely a detailed on both aspect of the vary would give path to cost.
Promote MCX Silver Could at Rs 69,600 with a goal of Rs 67,500 and a cease loss at Rs 70,800.
(Ravindra Rao is VP-Head Commodity Analysis at Kotak Securities)