Trading Strategy : GOLD & SILVER

MCX GOLD TRADING STRATEGY ::

Hold long positions with a stop loss of 18128.
RSI has started showing negative divergence as it is lower than the peak and price made a new high of the rise. It has tested the earlier contract peak of 18415. Therefore, at higher range profit booking pressure can be witnessed.Gold tested the contract peak of 18415 by making a high of 18424 and reacted down to close at 18253.Overall use rise to 18276-18401- 18674 on intra-day spike to book profits.Re-enter long if the close is above 18424 with a positive candle.Check only at the time of closing, If the price is above it at the closing time then only re-enter long.


MCX SILVER TRADING STRATERGY ::

Exit long positions on rise to 29534-29875- 30682.
Contrarian traders can take chances to sell at 29534-29875 with a s top loss of
30163. In order to reduce risk try to sell as higher range of 29875 or above or near 30163 after looking at the market movement.Expect lower range of 29068-28261 to be tested.A near term sideways to corrective movement down is likely to be witnessed.Therefore, profit booking on the long positions is generally advisable.