Angel Commodities weekly technical report on Gold, Silver

MCX Gold December as seen in the weekly chart above has found support at 28272 levels, moved sharply towards 28778 levels, but could not close beyond the previous weeks closing levels. For the next week we expect gold prices to find resistance at 28950-29000 levels and further above strong resistance is observed at 29500-29550 levels. Trading consistently above 29560 would trigger a sharp rally initially towards 30378 levels and then finally towards 31042 levels. Support is now observed at 28100-28050 levels. Trading consistently below 28050 levels can give correction initially towards 27273 levels, and then finally towards 26643 levels.

Trading levels for the week (21.11.11 To 25.11.11)
Trend: Neutral
S1- 28100 R1-28950
S2-27240 R2-29550
Recommendation : Sell MCX Gold December Between 28950-29000, SL-29560, Target -28100/27300.

MCX Silver December as seen in the weekly chart above has fell sharply lower breaking both the supports, but finally found support at 53728 levels. Later prices recovered towards 55900 levels, but closed lower below the previous weeks closing levels. For the next week we expect Silver prices to find resistance 56900-57100 levels. Trading consistently above 57100 can trigger a sharp rally initially towards 58324 levels and then finally towards 59512 levels. Support is now observed at 53930-53800 levels. Trading below 53800 levels would give correction initially towards 52554, and then finally towards 51401.

Trading levels for the week (21.11.11 To 25.11.11)
Trend: Down
S1-53933 R1-56950
S2-52554 R2-59512
Recommendation : Sell MCX Silver December Between 56950-57100, SL-58360, Target -53950/52600.

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