Bullion metals had to undergo profit booking today after yesterday's rise and started recovering thereafter. Now silver is
trading above 53500 level and we can expect this momentum to extend
till 53650-53750 level if it successfully sustains above 53550 with
volume. However inability to maintain 53500 can invite lower levels
again.
Day traders are advised to long silver above 53550 for the targets
of 53700-53750-53900.
Major upside is expected above 54100 level.
One the other hand, MCX Gold is also trading above 29800 level and
as long as prices remain above 29800, we can expect a bullish momentum towards 29900-29950 level.
