Bullion: Domestic gold
trading higher a similar rise in the COMEX. Gold prices jumped Friday
after a weaker-than-expected U.S. payroll report sparked fresh hopes for
an extended period of gold-friendly stimulus from the U.S. Federal
Reserve. Economists surveyed by Dow Jones Newswires had forecast that nonfarm payrolls would rise by 200,000 and the unemployment rate would hold steady at 7.7 percent.
MCX May Silver's weakness continues and it declined to as low as 50423 and finally closed at 51570 levels, down by 3% on W-o-W basis. It is visible from the chart that silver prices are traveling in a descending channel, which is signifies the bearish trend which would be intact until it breaches the channel on the upside.
However, during the initial session of the week there is a possibility for a mild pull back towards the channel resistance of 52200 levels, which one can unitize for creating fresh shorts. Key momentum indicator RSI has gone into sell mode and MACD is still trading below signal line which supports the view.
Action - Sell
Entry - Near 52200-52250
Target - 50500
Stop - 53110
MCX May Silver's weakness continues and it declined to as low as 50423 and finally closed at 51570 levels, down by 3% on W-o-W basis. It is visible from the chart that silver prices are traveling in a descending channel, which is signifies the bearish trend which would be intact until it breaches the channel on the upside.
However, during the initial session of the week there is a possibility for a mild pull back towards the channel resistance of 52200 levels, which one can unitize for creating fresh shorts. Key momentum indicator RSI has gone into sell mode and MACD is still trading below signal line which supports the view.
Action - Sell
Entry - Near 52200-52250
Target - 50500
Stop - 53110
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