Technical Trend (Bullion)
Gold Mcx October is likely to trade between Rs37440 and Rs38250. Break of this range will set a fresh round of directional movement. If prices break 37440, the correction will continue towards Rs37000-Rs36800. If prices manage to hold on Rs37440, recovery towards the upper band value of Rs38250 can be seen. A sustained rally above Rs38250 is essential to set up the bullish trend.
Silver Mcx December is likely to trade between Rs45620 and Rs47500 where above Rs47200 areas have turned out to be the supply zone. Unless prices sustain above 47500, downside momentum will continue, but the price needs to crack Rs45620 for coming out of the range and setting up fresh bearish movement. However, a sustained rally above Rs47500 will halt the downside possibility and probably will set a fresh short-term uptrend.
Technical Trend by Tarun Satsangi for TarunSatsangi.com