7/28/2011 05:34:00 PM
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MCX Gold Trend
The 23350-23050 regions consolidation are still progressing. However, 23050-030 area, where it had taken support multiple times is seem to be crucial for strong downside. For the day break of the same is favourd and drag prices lower towards 22840 or even more. A direct rise above 23350 would give confirmation for further upside. COMEX Gold Aug futures were pulled back from another new record highs yesterday of $1,628.8 per troy ounce and fell by 0.11 percent to close at $1,615.1 per troy ounce from $1,616.8 per troy ounce made on 25 th July, 2011. Investment demand also saw additions yesterday as holdings at SPDR Gold ETF rose by a marginal 3.03 tonnes yesterday.
MCX Silver Trend
Silver too followed gold and rose to a 12 week high yesterday. But prices closed in the red yesterday after dollar strength weighed on prices, making dollar-denominated commodities look unattractive for holders of other currencies. US equities declined sharply on Wednesday as no progress over debt ceiling negotiations led to concerns over US economy. The recent attempts to break the strong downside level 59100-59000 has been held several times, for the day we expect to break the same and pull prices lower, possibly towards 58500 initially followed by 57700/56600 levels.
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