MCX GOLD FEB
Gold prices consolidated yesterday for the whole session in the range of 29160-29300 levels. Prices have broken out from its declining trend line resistance in the previous session and are expected to rise further from these levels towards next resistance placed around 61.8% Fibonacci retracement of its fall from high of 30474 till low of 28055, which is placed around 29550 level. On the lower side immediate supports are placed around 29220 and 29050 levels.
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Zinc prices rose strongly in the previous session and made two months high of 216.30. Prices have been rising gradually after breaking out from its short term declining trend line resistance and taken strong support at its short term rising trend line currently around 213.80 level. Prices are expected to continue this rally in the near term and rise further towards next strong resistance placed around its previous high of 218.80. On the lower side immediate supports are placed around 214.30 and 211.50 levels
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