Posted By : Kishore B.S
Precious Metals Outlook:
Gold TA Chart
After the rally last week in gold to the first target and resistance level of 28900 it has been consolidating between 28500-28980 range from the last 4-5 sessions. The technical charts indicate formation of Flag pattern the breakout of which would be above 28980 with good volumes.
The breakout of the FLAG pattern would result in the upmove for the next target of 29460 soon.
Silver TA Chart
Silver has been in the very narrow range between 58200-58900 from the last 3 sessions after the upmove from 57200 levels. Silver also has been forming a FLAG pattern technical with likely targets of 60000-60800 if there is price breakout above 58960 levels.
On the lower side a break below 58200 has good support around 57200 levels which can be used for momentum trading opportunity.