Gold & Silver Rally Hits Targets – Time to Book Profit & Go Short?
MCX gold and silver prices have continued their upward momentum over the last two sessions. As per Friday’s buy call, all targets have been successfully achieved.
Now, the key question for traders is the next move for today and the coming sessions.
After such a strong rally, there is a high possibility of profit booking at higher levels, which could lead to a short term trend reversal. Traders who are still holding buy positions are advised to book profits and look for selling opportunities.
With prices at elevated levels, sell on rise strategy may be favorable as profit booking can emerge in the market.
Intraday Strategy:
Sell Gold June Futures: ₹154300 - ₹154400
Sell Silver May Futures: ₹254350 - ₹254750
Stop Loss: Open (as per risk management)
Targets:
Gold:
TGT1: ₹152700
TGT2: ₹152000
TGT3: ₹151000
Silver:
TGT1: ₹250000
TGT2: ₹248000
TGT3: ₹245000
Conclusion:
With all previous buy targets achieved, it is now time to book profits and shift focus to short positions. If profit booking accelerates, traders can expect a sharp downside move in gold and silver over the next few sessions.
Don’t miss the chance to grab ₹29 lakh profit per 10 lots in Gold & Silver today or next two days.
MCX gold and silver prices have continued their upward momentum over the last two sessions. As per Friday’s buy call, all targets have been successfully achieved.
Now, the key question for traders is the next move for today and the coming sessions.
After such a strong rally, there is a high possibility of profit booking at higher levels, which could lead to a short term trend reversal. Traders who are still holding buy positions are advised to book profits and look for selling opportunities.
With prices at elevated levels, sell on rise strategy may be favorable as profit booking can emerge in the market.
Intraday Strategy:
Sell Gold June Futures: ₹154300 - ₹154400
Sell Silver May Futures: ₹254350 - ₹254750
Stop Loss: Open (as per risk management)
Targets:
Gold:
TGT1: ₹152700
TGT2: ₹152000
TGT3: ₹151000
Silver:
TGT1: ₹250000
TGT2: ₹248000
TGT3: ₹245000
Conclusion:
With all previous buy targets achieved, it is now time to book profits and shift focus to short positions. If profit booking accelerates, traders can expect a sharp downside move in gold and silver over the next few sessions.
Don’t miss the chance to grab ₹29 lakh profit per 10 lots in Gold & Silver today or next two days.