MCX Gold The April ahead violated key help of Rs 44,975 (which is a 78.6% Fibonacci extension of the latest downtrend) and fell to Rs 44,560. In the meantime, the worth s ‘commerce under the decrease restrict of the downward sloping channel with speedy resistance close to Rs 45,550 (5 days EMA), adopted by Rs 46,660 (21 days EMA). On the draw back, key help is round Rs 44,550, adopted by Rs 44,200. The RSI power index is hovering within the oversold zone (28), which may additional restrict the decline in gold costs. In keeping with the above evaluation, the worth is predicted to maneuver within the band of Rs 44,550-45,550 with a downward lateral bias.
Promote MCX Gold April at Rs 45,260 with a goal of Rs 44,600 and a cease loss at Rs 45,600.
MCX Silver The Might futures held key help close to Rs 66,400 as worth has rebounded from the identical space a number of occasions this week. In the meantime, the worth is buying and selling across the trendline resistance of Rs 69,600 which might be the primary hurdle adopted by Rs 70,780 (a number of high). Nevertheless, a damaging crossover of the 5 and 21 day EMA suggests a corrective transfer. On the momentum entrance, the RSI is hovering round 50 (48), suggesting a sideways pattern. Subsequently, for the day, the worth ought to transfer inside a variety of Rs 69,600 to Rs 66,400 with a sideways bias. Solely an in depth on both facet of the vary would give worth route.
Promote MCX Silver Might at Rs 68,500 with a goal of Rs 66,600 and a cease loss at Rs 69,600.
(Ravindra Rao is VP-Head Commodity Analysis at Kotak Securities)