Gold Silver Updates and Trading Tips

A slight decline has been seen in Gold and silver commodities in MCX. Yesterday Gold managed to close above 29450 level and witnessed a rise of 0.60%. Currently Gold is trading with negative bias and with slight decline of nearly 0.10%, trading at 29420 level. 29390 is the nearest support to prevent the downfall. If Gold breaches this level, we can expect a fall till 29300-29250 level.

Silver witnessed a marginal gain yesterday and closed above 52920. Today, it is trading around 52800, near its immediate support of 57750 level. The Trend is likely to remain range bound. Traders can initiate long positions at lower levels.

MCX Silver Trend and Trading Tips Today

Silver, as we mentioned in our earlier post, saw a sharp decline below 56500 level and it is now trading near 56500 level. Silver prices on MCX have seen a downfall of more than 3.5%.

Inability to prevail 55500 level on downside would cause Silver to slip further down to 55000-54500. Major resistance is seen near 56250.

Trdaers are advised to be cautious and go for buy in silver only after a lower level is sustained.