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    Outlook, trading strategies for gold & silver

    Synopsis

    MCX silver price volatility (ATR) has expanded suggesting bigger moves.

    gold-silver-1---istockiStock
    MCX gold price is swinging in the range of Rs 51,100-51,450 levels with a flattened Bollinger band indicating a sideways trend.
    By Ravindra Rao

    Gold
    MCX gold price is swinging in the range of Rs 51,100-51,450 levels with a flattened Bollinger band indicating a sideways trend. Immediate resistance is at Rs 51,400, followed by Rs 51,650. Meanwhile, support holds around Rs 50,650, followed by Rs 50,350. Stochastic works as a cashing machine in the sideways trend supporting the bears over bulls.

    Strategy
    • Sell MCX Gold Dec at Rs 51,250
    • Target at Rs 50,650; Stop loss at Rs 51,500

    Silver
    MCX silver price volatility (ATR) has expanded suggesting bigger moves. Supply zone is at Rs 64,000-64,200 levels, likewise, immediate support is at Rs 61,300, followed by Rs 60,100. However, the momentum indicator (RSI) is hovering below 50 signifying a weaker trend. A close above Rs 64,200 will negate the bearish trend.

    Strategy
    • Sell MCX Silver Dec at Rs 63,200
    • Target at Rs 61,300; Stop loss at Rs 64,300

    (Rao is VP-Head Commodity Research, Kotak Securities)



    (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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