Gold (February): COMEX Gold is in a technically strong on charts. Last week COMEX Gold was neither able to sustain at higher level nor at lower level. In this week 1500$ will act as a major support in COMEX Gold and 1740$ will act as a major resistance.
Resistance: 1827 - 1751.
Support: 1702 - 1360.
Strategy: For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1710 $ an ounce, then above 1728 $ it can test the level of 1745$/1765$/1785$ $ an ounce. And in MCX Gold above 28420 it can test the level of 28550/28690. Trade by keeping the strict stop losses.
Resistance: 1827 - 1751.
Support: 1702 - 1360.
Strategy: For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1710 $ an ounce, then above 1728 $ it can test the level of 1745$/1765$/1785$ $ an ounce. And in MCX Gold above 28420 it can test the level of 28550/28690. Trade by keeping the strict stop losses.
- Major support for COMEX Gold in this week is 1550 $ and 1460$.
- Major resistance for COMEX Gold in this week is 1710$ and 1790$
- Major support in MCX Gold is 26500 and 25000
- Major resistance in MCX Gold is 28700 and 29500
Silver (March): COMEX Silver is technically in upward phase. Last week COMEX Silver was neither sustained at higher level nor at lower level. For this week 2600 $ and 2400$ are the crucial supports and 3500$ and 3700$ are crucial resistance in COMEX Silver. In MCX Silver 58000 and 60500 will act as major resistance and 54000 and 51500 will act as major supports.
Resistance: 3677 - 3442.
Support: 3288 - 3063.
Strategy: Technically COMEX Silver is consolidating on charts. For this week traders can use sell on higher level strategy if Silver sustains below the level of 3350$ an ounce, then below 3290$ COMEX Silver can test the level of 3245/3195/3135$ an ounce. And in MCX Silver sustains below 56800 then it can test the level of 56000/55300/54500, Trade by keeping the proper stop losses.
Resistance: 3677 - 3442.
Support: 3288 - 3063.
Strategy: Technically COMEX Silver is consolidating on charts. For this week traders can use sell on higher level strategy if Silver sustains below the level of 3350$ an ounce, then below 3290$ COMEX Silver can test the level of 3245/3195/3135$ an ounce. And in MCX Silver sustains below 56800 then it can test the level of 56000/55300/54500, Trade by keeping the proper stop losses.