MUMBAI (Commodity Online): MCX gold and silver have opened higher on Wednesday but are trading in the red, tracking the COMEX market. MCX gold April contract is trading at Rs 28350 after opening the day at Rs 28385 while MCX silver March contract is trading at Rs 57136 after opening at Rs 57352 as of 10:58 AM IST. At the COMEX, both gold and silver are trading down.
-The Greek drama continues as PM Lucas Papademos missed another deadline on Tuesday to secure the second bailout package from the ECB worth 130 billion Euros. Investors therefore remain at unease with each delay. Meanwhile, Greek bondholder loss is reported to be around 70%.
“Gold and silver are expected to trade with a positive bias today (Wednesday), on the back of dollar weakness coupled with rise in risk appetite in the global markets. Silver will also take cues from rise in gold and base metal prices today”, Angel Commodities said in a report while recommending the following support/resistance levels.
MCX gold April support at Rs 28030/Rs 28215, Resistance at Rs 28560/ Rs 28750
MCX silver March support at Rs 56384/Rs 56895, Resistance at Rs 57770/Rs 58280
