Posted By : Kishore B.S
Gold is in the Intermediate Downtrend and in Unable to Cross the 28400-28800 mark from quite long time, the Trend is indicating that the Negativity is likely to Continue and the support zone of 27700-27510-27330 is likely to be tested again. It would be advisable to short on rallies with stoploss of 28300-28440 for the short term.
Silver has been moving in a wide range for the last few sessions between 55840-58150, and the charts indicate that the consolidation is likely to continue for some more days to come. Since the range is huge it would be advisable to go trade in small quantities till the trend gets clear and Long above 58150 only if the price holds or else to short with stoploss of 58380 levels.
On the lower side 55840 has been a solid base which can be used to initiate some decent long positions with stoploss of 55000.
(Inputs: Mr. Hemath V, Faculty TA, Stock Market Institute)