Wednesday, June 8, 2011

MCX Bullion- trend for today

MCX Gold

A drift lower is favored towards 22310, but is doubtful to develop into major weakness unless below 22300-280 region convincingly. Consistency below 22280 would call for long liquidation pressure which may extend towards 22200/21950 later. However unsuccessful attempts to clear the support a turn higher may show up and take prices higher.
MCX Silver
Initial bias is negative, but the 54200-100 congestion region needs to be cleared evolving into strong sell off towards 53400-52000 or even more. Prices have to close above 56100-300 region to negate our bearish expectations and take prices higher later.


Posted By Commodity MCX Tips