Gold Silver Price Melting Like ICE : The XAU/USD pair came under sudden selling pressure and plunged to its lowest level since early July at $1,782.28.
MCX Gold 50500 To 47800 = 2700 Points
MCX Silver 63000 To 57877 = 5123 Points
ONLY ONE SINGLE CALL (TIPS)
RONA MANA HAI TRADE WITH NEAL BHAI (CFA)
Bearish traders might still wait for some follow-through selling below the very important 200-day SMA, around the $1800 mark, before placing fresh bets. The XAU/USD might then accelerate the downward trajectory towards the $1763 region – support marked by the 50% Fibonacci level of the $1451-$2075 strong move up.
On the flip side, any meaningful recovery attempt might be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the $1818-20 region. This is closely followed by the trend-channel resistance, around the $1822 level, which if cleared decisively might trigger some near-term short-covering move.
Some follow-through buying has the potential to lift the commodity further towards the 38.2% Fibo. level resistance near the $1835 region, which should cap any further upside.
