Gold n Sliver overview...

RaahiShah Wed May 30, 2012 6:08 pm

GOLD (JUN) – MCX Gold surged above Rs. 29000 per 10 grams following gains in global prices as the metal continued to carve out an impressive recovery. The metal had rebounded from nearly four and half month lows of $1520 per ounce in the last week as safe haven buying finally came to the rescue of the commodity that has witnessed a free fall earlier. Gold had plummeted following a massive surge in the US dollar on worries of Grexit- Greece being ousted from Eurozone and returning to its old currency. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28830

SUPPORT 2: 28745

RESIST 1 : 29190

RESIST 2 : 29305

SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions.Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 53800

SUPPORT 2: 53320

RESIST 1 : 55120

RESIST 2 : 56650

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