Mar 12, 2018 12:31 PM IST | Source:

More upside seen in gold prices; buy futures above Rs 30,450 for target Rs 30,600

Share India might expect some more upside in the gold until upper levels of Rs 30,600.

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Moneycontrol News

Gold prices saw some volatile session on Friday, though opened with persisted selling pressure but recovered in second half after the US data were released.

Prices closed with the positive bias but failed to sustain above an immediate resistance of Rs 30,450 above which "we might expect some more upside in the coming session until upper levels of Rs 30,600," Share India said in its report.

The research house advised buying gold futures above Rs 30,450 per 10 gram with a stoploss at Rs 30,350 and for a target price of Rs 30,600.

Here are views from the Share India on other leading commodities:


After crossing above an immediate resistance of 38,900 per 1 kg, prices managed to trade in the positive territory but failed to cross above an immediate resistance of Rs 39,100 which is the 61.8 percent retracement level of a fall from Rs 39,500 to Rs 38,550. We can expect some more upside during intraday if prices sustain above Rs 39,100 until Rs 39,500-39,500.


Lead prices recovered for the first time after seven consecutive sessions which is a positive signal over short term, prices opened a bit lower on Friday but during second half the counter witnessed fresh buying and closed near two day’s higher level. For the coming session we might face a small hurdle of Rs 156 above which more upside can be expected till Rs 157.50-158.


Prices witnessed sharp recovery of around 3 percent from day’s low and closed with the positive bias which might prove supporting for prices in the coming session also. For Monday any dip would provide fresh buying opportunity at lower levels near Rs 448-449.


Prices witnessed almost 5 percent recovery from its day’s low on Friday even then prices failed to cross above its strong resistance of Rs 905 comes on the daily chart. For the Next session any dip to the lower levels at Rs 880-885 will provide fresh buying opportunity for intraday session.

Crude oil

Crude Oil prices recovered after falling for three consecutive sessions and presently forming a falling wedge on the daily charts. For Monday, traders should have a buy on dip strategy where Rs 3,990 are good levels to buy at lower levels for the intraday session.

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