Gold and Silver Investing News - Trading strategy

Gold traded with positive bias for 2nd consecutive month marking new high of Rs.41293. Overall counter was high by around 4.84% in preceding month. Initial profit booking could be seen after 2 straight months of rally, however downside will be limited around Rs.39900–39650 as it will act as strong support zone for medium term.


Gold and Silver Investment - Generatebucks


MCX Silver also traded with positive bias along with gold in the first week of preceding month, however the metal failed to extend its strength and turned lower closing at Rs.46989 marginally positive by around 0.60%. The metal has been under performing when compared with gold and is not showing any signs of strength in price.

Gold and Silver Investing news


  • Silver trading range for the day is 44867-46701.
  • Silver futures fell weighed down as US dollar's rise against most major currencies, and improved investors' appetite in riskier assets such as stocks.
  • Traders are still anticipating the latest developments on the coronavirus outbreak in China and its spread to other countries.
  • The White House chief economic advisor, Larry Kudlow, said that he rules out a sharp impact on the US economy from the coronavirus outbreak in China.
  • Gold trading range for the day is 39435-40959.
  • Gold drifted down sharply as investors chose riskier assets such as equities amid hopes the Chinese central bank will come up with more stimulus measures
  • The dollar's continued strength thanks to fairly encouraging economic data, contributed as well to the yellow metal's decline.
  • India’s gold imports in January plunged 48% from a year earlier to their lowest in 4 months


Gold and Silver Investing - Trading charts



MCX Silver Mar futures technical chart has taken the formation of "Megaphone chart" pattern in daily time frame. Last few sessions ended up in sideways in trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 45480.

Resistance: 46095-46312-46662-47221

Support: 44973-44756-44406-43847


MCX Gold Apr futures technical chart has taken the formation of “Descending broadening wedge” pattern in 4hr time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, the market is expected to continue on bearish momentum based on the price action. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 39920. 

Resistance: 40441-40621-40912-41377 

Support: 39509-39329-39038-38573  


SELL GOLD APR 2020 at 40100 SL 40350 TGT 39900-39750.MCX

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