MCX Gold can test Rs 31000 in near term: Nirmal Bang

Nirmal Bang has come out with its report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. The research firm says MCX Gold can touch Rs 31000 levels in coming days.

Gold prices are trading sideways as comex have managed to respect positive MACD crossover indicating upside in the short term till USD 1740. So on MCX we can expect Rs 31000 levels in the coming days.

Silver prices managed commendable recovery yesterday resurrecting bullish view in MCX Silver. We expect Silver to test 61400 in the days to come. One can maintain stoploss below 58500

Copper prices are taking resistance to 443-44 levels; we believe that the prices are likely to trade weak for the day. We recommend selling on rise till 443-44 for the target of 436-34.

Nickel prices are trading range bound between 970 and 940 till the time we should trade within the range. Close above 966 can lead to 975-80 levels on the immediate note.

Lead prices are likely to take support around 121.5 level and showcase a rebound 125.5-126 levels today.

Crude prices as expected have breached 5175 resistance level. We expect fresh buying to fuel the rally to 5260-5300 levels in the days to come.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment

Read More