Trading Strategies For Gold & Silver -Business2Business

Gold

The price of gold on the MCX has seen a triangle breakout indicating an uptrend. The bullish momentum could continue to hit the targets of Rs 52,500 followed by Rs 52,800 levels, while support remains around Rs 51,450 (swing turned high as demand area). The Relative Strength Index (RSI) is above 60, indicating that the bulls are in control.

Strategy

Buy MCX Gold Dec at Rs 51,700

Rs 52,500 target; Stop loss at Rs 51,400

Silver

The MCX silver price made a long bullish candle formation indicating the strength of the buyers. The ATR expansion indicates that bullish resistance could extend to Rs 66,000, while immediate support is placed at Rs 63,500 followed by Rs 62,800. The Relative Strength Index (RSI) is at 56, which supports the bulls over the bears.

Strategy

Buy MCX Silver Dec at Rs 63,500

Rs 66,000 target; Stop Loss is at Rs 62,800

Also Read: Maharashtra govt releases guidelines ahead of Diwali