Technical Outlook & Trading Strategy:-
The Precious metals like gold and silver were under severe selling pressure for most of yesterday’s session.
But, the price of gold witnessed a smart recovery from the lows of Rs 25512 levels to close at the Rs 26376 levels.
We would like to point out that the prices of gold has strong support between the Rs 25500—Rs 25375 levels.
The prices of Nickel are also at the 38.2% Fibonacci retracement of the rally that started from the lows of Rs 21631 levels and registered a high of Rs 28284 levels.
Traders can look buy 50% on dips to Rs 26225--Rs 26150 levels and again on dips to Rs 25975--Rs 25900 levels with a stoploss placed below Rs 25847 levels for upside targets of Rs 26650 / Rs 27000 levels, expected to be achieved over the upcoming 2-3 sessions of trade.
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