BULLION - Evening Commentary : 07.09.2016

BULLION - Evening Commentary : 07.09.2016


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GOLD M
MCX Oct


GOLD M Technical Commentary 

The buying spree witnessed last day have reduced the weakness considerably. However, for continuation of the bullish momentum, its is mandatory to clear the stiff resistance seen around 31500. As long as this range caps upside, corrective dips towards 31260 or even more to 31100 cannot be ruled out before bouncing back.

Technical Levels

R3 31940/32080
R2 31670/31820
R1 31490/31560

Turnaround 31500

S1 31370/31260
S2 31150/31080
S3 30960/30800

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SILVER M
MCX Nov

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 SILVER M Technical Commentary

While the prevailing positive sentiments stays intact, now its is mandatory to break above 47700 for continuation of buying momentum. Else corrective dips towards 47000 cannot be ruled out and such a move stretching beyond 46700 will invite weakness.

Technical Levels
R3 49150/49700
R2 48550/48950
R1 47950/48200
Turnaround 47700
S1 47000/46750
S2 46500/46200
S3 45800/45350

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