MCX GOLD TREND
Gold prices are currently in their corrective phase but holds strong support around 29420‐29440 levels while Long‐term support holds at 28530 (200‐day SMA), which acts as a reversal point/ buying opportunity at every corrections.
For the near‐term, prices are expected to continue their corrective phase only below 29400, down till 29000 & 28650 levels. However, a dip towards 28550‐28600 would be a good buying opportunity.
SILVER MCX TREND
As per the silver weekly chart, prices are currently in their corrective phase. Although the long‐term trend still remains sideways, but prices do hold immediate support at 51,200 levels.
For the near‐term, we maintain our bearish view on silver & advice selling only around 53800 & can add more around 55,000 for Targets of 50,000 and 46,000, with resistance & stop above 55,520