MCX Gold may test Rs 29800-29850: Nirmal Bang

Nirmal Bang has come out with its report on Gold, Silver, Copper, Nickel, Lead and Crude Oil. According to the research firm, Gol prices have continued to remain weak. A bounce is expected till Rs 29800-29850 if prices sustains above 29650.

Silver prices are likely to witness a broader range from 53000 to 54300. Unless 53000 is not defeated, we expect a bounce bank till 54300 -54500. Oscillators are in oversold zone.

Gold prices are expected to trade within the range from 29400 to 29800 for the day. Prices have continued to remain weak. A bounce is expected till 29800 -29850 if prices sustains above 29650.

Copper prices have witnessed a continued selling pressure and for the day prices are expected to trade within the range from 420 to 425.

Nickel prices are expected to witness selling pressure till 890 – 885. Prices are expected to trade within the range from 910 to 890.

Lead prices are expected to test 122 – 121.50 on lower end. One can keep a stop loss above 125.30 for the target at 121.50.

Crude price are expected to test 5020 – 5000 on lower end, intraday price movement is expected to be between 5100 – 5000. If sustains below 5070 one can sell with a stop loss above 5110.

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