Buy MCX Gold; target of Rs 28550: Dani Commodities

Dani Commodities' report on bullion

Gold prices trimmed down and now it looks that a sharp correction is on the cards due to the decline below 200 day EMA set at Rs 28426 per 10 grams*The closing of MCX Gold was at Rs 28293 per 10 grams*RSI at 61 has a potential to move down lower*The prices of MCX Gold settled at Rs 28295 per 10 grams, down 18 August 2014, with further declines towards Rs 28010 per 10 grams*100 day EMA was at Rs 28113 per 10 grams*The decline however was with decreasing volumes to 9908 compared to 15006 on 14 August 2014.

MCX GOLDInternational: Major Support at USD 1250. Bearish below USD1250.Domestic: Buy above 28350, Stoploss 28250, Target 28550.

MCX SILVERInternational: Major Support at USD19. Bearish below USD19.Domestic: Buy at 42700, Stoploss 42450, Target 43000.

(Prices in Rs.)

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