Bullion
- Bullion traded in the negative zone weighed by weaker Euro as S&P has indicated to downgrade major European countries facing credit crisis, it also indicated the EFSF to be down graded if any of the country in EFSF gets their rating cut.
- COMEX Gold could not hold the strength and traded negatively for the second day of week and almost touched $1700 of important level whereas Silver also lost certain strength showing the gold and lost around 2% touching $31.50
- At the domestic front Gold has thrashed critical support of 29000 whereas Silver also weighed down with 57000 crashes hence next support seems 55400.
Considering the current gloomy economic scenario as well as stronger euro Edelweiss expect the bullion prices to trade in the negative way. Gold has a critical support of 28700 whereas Silver has a support of 55000.
Recommendation:
- Gold: S1=28700, S2=28500, R1=29100 R2=29250
Silver: S1=56000 S2=55400 R1=57600 R2=58000
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