AHMEDABAD (Commodity Online): MCX Gold August future contract opened flat at 18255 per ten grams, made an intraday high at 18266 against previous close of 18257. MCX Gold Aug contract last traded at 18239 marginally down by 18 rupees after it made an intraday low of 18210. Gold future prices are likely to fall further and may test 18200-18000 during next few days. Intraday traders can sell Gold 18280 keeping stop loss 18320 with a target price of 18200-181500. Support for the MCX Gold Aug contract is seen at 18200 below it can reach to 18050. Resistance is likely to be seen at 18400 above it can test 18550 levels. In the weekend, Gold prices remained weak on positive results of European bank stress tests. Gold prices rose in the beginning of the last week then after mid-week it started falling on the back of increased risk sentiment. Gold prices have traded in a narrow range of 18200-18500 from last 16 trading days. Gold prices are likely to trade sideways with negative bias as firm rupee against US dollar also put pressure on Gold and Silver prices. MCX Sep Silver future contract also opened upside flat today at 29160 per one kg made an intraday high at 29170 against previous close of 29143. Silver prices rose last week following strong base metal uptrend on the back of short covering as funds money flowed in riskier assets from safe assets like bullion. Silver prices closed last week at 29143 up by 350 rupees against previous week’s close of 28793. Silver prices are likely to rise today on fund buying as base metal complex may continue its last week’s rally. Support for the MCX Silver Sep contract is seen at 28850 below it can reach to 28500. Resistance is likely to be seen at 29450 above it can test 29700. To get in touch with the Analyst on this report, please mail to tips@commodityonline.com

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