Technical update on Bullion:
Gold Aug MCX: Prices are witnessing intraday major support around $1587 levels. Break below the same might extend fall up to $1580. However from the technical end expecting prices to trade toward higher side and possible intraday targets are around $1600/1609 levels. Overall recommend to buy in the range of $1588-1590 TP $1600/16010 SL $1680
Gold Aug MCX: Buy in the range of 29530-29570 TP 29670 SL 29480-www.Commodity20.c0m @02.07.12,05:00PM
Silver Aug MCX: Prices are witnessing intraday crucial support around 53010 levels. On breach and sustainable trade below the same might pressurize prices to test 52260 levels. Otherwise we may see gradual increase in prices up to 53640/53810 levels. Those who are holding long positions recommend to watch support levels of 53010…CMP 52230
Gold Update @ 7:30 PM: After making a low of $1587.4 prices started rising and currently trading at $1598.6. On breach and sustained trades above $1601-1602 would lead the gains towards $1608-1610. At MCX we suggest buying on dips for intraday as long as 29560 supports remain intact. Upside potential is seen till 29760 levels. CMP 29647
Free Recommendation (Update): Gold Call,Buy Given @ 29530-570,Cmp:29730,Book Profit: Rs.15000+ per Lot -www.Commodity20.c0m @02.07.12,08:18PM
Gold Update at 9 PM: As expected earlier prices took reversal and started rising. Although, prices breached the $1602 levels but it failed to sustain above the same. Hourly closing above $1602 levels would lead the gains towards $1610 levels. Key support level to watch for intraday is at $1591 which is likely to hold upside view.
Gold Aug MCX future prices are also seen upside movements in the evening session. We expect prices to remain higher as long as 29560 supports remain intact. Break above 29760 would trigger fresh buying towards 29840 levels. We suggest buying near 29640-29650 levels with stop loss below 29580. CMP 29690. CMP $1599