MCX Gold & Silver Technical Analyses: Recent Trends & Upcoming Targets

MCX Gold Technical Analysis: A U-Turn in the Control Channel Signals Potential Targets

According to the above technical daily chart, MCX Gold futures in the Indian commodity market have recently reversed direction within the control channel. It is reasonable to anticipate potential price levels at 58660, 58360, and 58000 before the commodity resumes its upward trend. Stay tuned for additional updates and insights on the gold market.

Silver Price Analysis: Channel Breakout and Future Targets

Looking at MCX Silver futures, they’ve been following a specific path in a channel since July 2022. However, the recent downtrend observed in the past week suggests the possibility of an exit from this channel. Consequently, we may anticipate selling pressure targeting levels at 71000, 70600, and 70240.

It’s essential to note that the broader trend for silver remains upward, as long as it remains above the 200-day moving average. Should silver breach the 100-day moving average, we could potentially witness a rally towards 74060.

Pay close attention to silver’s trading volume, as initiating an uptrend typically necessitates the presence of one or two consecutive green volume bars.

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Here are significant releases and events that may influence the movements of gold, silver, crude oil, and natural gas in the coming days:

Tuesday, Sep 12, 2023
11:30 AEI & Claimant Count Change – Medium Impact
21:30 WASDE Report & EIA Short-Term Energy Outlook – Low Impact

Wednesday, Sep 13, 2023
02:00 API Weekly Crude Oil Stock – Medium Impact
11:00 GDP – Low Impact
18:00 CPI – Medium Impact
20:00 Crude Oil Inventories – High Impact
23:30 Federal Budget Balance – Low Impact

Thursday, Sep 14, 2023
18:00 PPI – Medium Impact
20:00 EIA Natural Gas Stocks Change (Sep/08) – Low Impact