*MCX Gold at ₹160600 & Silver Above 6% Circuit, Time to Sell on Strength?*
MCX Gold April Futures and Silver March Futures continue to experience intense volatility. After touching lifetime highs last month and witnessing sustained declines, precious metals saw profit booking in recent sessions. However, after forming a short term low last Thursday, prices rebounded over the past two trading sessions.
Volatility remains elevated today. Following last week’s trend and the beginning of the new week, both gold and silver opened with a strong gap up on Monday. Silver even hit the upper circuit during the session.
*In the morning Asian trade:*
MCX Gold April Futures climbed to ₹160600 per 10 grams.
MCX Silver March Futures surged more than 6%, touching approximately ₹268875 per kilogram.
Given the prevailing global uncertainties and sharp price swings, my strategy remains unchanged, sell at higher levels. After today’s strong gap up move, both metals are trading near key resistance zones. Historically, sharp upward gap openings are often followed by aggressive profit booking.
With extreme volatility in play, a correction may unfold within the next few hours. Intraday traders should remain highly cautious and strictly follow disciplined risk management.
*Intraday Trading Strategy*
*MCX Gold April Futures*
Sell near: ₹160100 - ₹160300
Stop Loss: Open (as per risk management)
Targets: ₹158100 (new low) - ₹157700 - ₹157000
*MCX Silver March Futures*
Sell near: ₹268800 - ₹269800
Stop Loss: Open (as per risk management)
Targets: ₹263000 (new low) - ₹260000 - ₹255000
For traders holding previous short positions, this remains an opportunity to continue the sell on rise approach. Fresh entries near current levels may offer favorable intraday risk to reward setups. Partial profit booking near Target 1 is advisable within the next few hours. Maintain discipline, control risk exposure, and capitalize on volatility driven movements.
MCX Gold April Futures and Silver March Futures continue to experience intense volatility. After touching lifetime highs last month and witnessing sustained declines, precious metals saw profit booking in recent sessions. However, after forming a short term low last Thursday, prices rebounded over the past two trading sessions.
Volatility remains elevated today. Following last week’s trend and the beginning of the new week, both gold and silver opened with a strong gap up on Monday. Silver even hit the upper circuit during the session.
*In the morning Asian trade:*
MCX Gold April Futures climbed to ₹160600 per 10 grams.
MCX Silver March Futures surged more than 6%, touching approximately ₹268875 per kilogram.
Given the prevailing global uncertainties and sharp price swings, my strategy remains unchanged, sell at higher levels. After today’s strong gap up move, both metals are trading near key resistance zones. Historically, sharp upward gap openings are often followed by aggressive profit booking.
With extreme volatility in play, a correction may unfold within the next few hours. Intraday traders should remain highly cautious and strictly follow disciplined risk management.
*Intraday Trading Strategy*
*MCX Gold April Futures*
Sell near: ₹160100 - ₹160300
Stop Loss: Open (as per risk management)
Targets: ₹158100 (new low) - ₹157700 - ₹157000
*MCX Silver March Futures*
Sell near: ₹268800 - ₹269800
Stop Loss: Open (as per risk management)
Targets: ₹263000 (new low) - ₹260000 - ₹255000
For traders holding previous short positions, this remains an opportunity to continue the sell on rise approach. Fresh entries near current levels may offer favorable intraday risk to reward setups. Partial profit booking near Target 1 is advisable within the next few hours. Maintain discipline, control risk exposure, and capitalize on volatility driven movements.
Happy Holi!