MCX Bullion Tips ~ Gold Silver Outlook

MCX GOLD TREND

Gold prices are currently in their corrective phase but holds strong support around 29420‐29440 levels while Long‐term support holds at 28530 (200‐day SMA), which acts as a reversal point/ buying opportunity at every corrections.

For the near‐term, prices are expected to continue their corrective phase only below 29400, down till 29000 & 28650 levels. However, a dip towards 28550‐28600 would be a good buying opportunity.

SILVER MCX TREND

As per the silver weekly chart, prices are currently in their corrective phase. Although the long‐term trend still remains sideways, but prices do hold immediate support at 51,200 levels.

For the near‐term, we maintain our bearish view on silver & advice selling only around 53800 & can add more around 55,000 for Targets of 50,000 and 46,000, with resistance & stop above 55,520

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MCX NCDEX TRADING TIPS FOR TODAY 23 May 2012

MCX BULLION METAL UPDATES 

On the International market, gold - silver has declined strongly.Gold in the domestic market with strong light on Tuesday to Rs 29 086, while silver dropped half per cent to Rs 54 460. Positionally Support for the Gold is 28697-28517-28463-28444-28291-28212-. Immediate resistance for Gold is 29326. 

BASE METAL UPDATES 

Base metals will give you good upsides for the day. Best commodity to trade in is zinc. Zinc is good to buy at around Rs 105 per kilogram levels with a stop loss to be placed at Rs 104 per kilogram on downside and on intraday we expect prices to test levels of around Rs 106.20 per kilogram and above that Rs 107 per kilogram.

MCX COPPER TIPS 

We recommend buying MCX copper June contract around Rs 423.50 per kilogram with a stop loss of Rs 421 for a target of Rs 428 per kilogram.

FILL THE FORM FOR NCDEX TIPS-------->>

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COPPER UPDATES : Commodity Trend Today

 Copper in London may decline by as much as 12 percent to $7,100 a metric ton, according to technical  analysis by Cofco Futures Co.“The Elliott Wave analysis is indicating that copper is in a downward trajectory. The contract may test $7,736 first, and could drop to as low as $7,100, she said. Elliott Wave Theory, created by Ralph Elliott in 1938, contends that market swings, or waves, follow a predictable, five stage structure of three steps forward, two steps back.

COMMODITY UPDATES :- National Spot Exchange yesterday, ie, on the occasion of Akshaya Tritiya offered to investors.April 24 at NSEL platform of E - Gold, E - E Platinum Silver and purchasing transactions with investors and the conversion will be not charged.

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GOLD UPDATES || FREE MCX BULLION TIPS

MCX GOLD TREND TODAY :- As on Wednesday 11th April 2012 GOLD1 closed @ 28602.00 and we recommended Strong Buy for long-term with stoploss of 27312.29 and Buy for short-term with stoploss of 28492.44. MCX Gold important levels to watch today.

MCX Gold support and Resistance :-

Gold Resistance :- Resistance2 : 28741.98, Resistance 1 : 28684.3

Gold Support :- Support 1 28519.71, Support 2 28462.02

Currently MCX Gold Price is 28,560 per 10gms

COMEX GOLD UPDATES :- Comex gold is marginally lower after a consolidation session. Wednesday was one of the most quiet days in the precious metals in recent memory

MCX BASE METAL UPDATES || CRUDE TIPS

MCX Crude oil is trading at Rs 28 572. Base metals have started in slow mood and does not showing any satisfactory moves . On MCX, copper, lead and zinc is seen in the downtrend, aluminum and nickel is trading at a slight decline.

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MCX COMMODITY GOLD UPDATES

MCX GOLD INTRADAY TIPS TREND

MCX commodity updates today includes Gold updates and NCDEX commodity updates will cover mentha oil latest news and updates. MCX Gold is in long- short-medium- short- term bull phase .Currently Gold is moving sideways. The oscillator is showing SELL signal .In last 1 month volatility is very less Buy the Gold above 28539 or buy with strict stop at 27356. The oscillator is showing SELL signal For short term Gold is in HOLD SHORT position.

Gold Support and Resistance :- Support for the Gold is 27934-27868-27857-27821. Resistance for the Gold is 28202-28223.

NCDEX Commodity Updates (Mentha Oil Trend)

Mentha oil futures extended uptrend this week on active buying by the traders on the back of firm spot demand from the pharmaceutical industries and on weak arrivals from the fresh crop. Improved buying by the market participants anticipating lower stocks till fresh arrivals is likely to support Mentha prices in the coming week. Sharp upside in the prices may however be capped on account of better mentha sowing prospects.

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MCX Gold and Silver Trend This Week (13th - 17th Feb)

Gold (February): COMEX Gold is in a technically strong on charts. Last week COMEX Gold was neither able to sustain at higher level nor at lower level. In this week 1500$ will act as a major support in COMEX Gold and 1740$ will act as a major resistance.
Resistance: 1827 - 1751.
Support: 1702 - 1360.
Strategy: For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1710 $ an ounce, then above 1728 $ it can test the level of 1745$/1765$/1785$ $ an ounce. And in MCX Gold above 28420 it can test the level of 28550/28690. Trade by keeping the strict stop losses.

• Major support for COMEX Gold in this week is 1550 $ and 1460$.

• Major resistance for COMEX Gold in this week is 1710$ and 1790$

• Major support in MCX Gold is 26500 and 25000

• Major resistance in MCX Gold is 28700 and 29500

Silver (March): COMEX Silver is technically in upward phase. Last week COMEX Silver was neither sustained at higher level nor at lower level. For this week 2600 $ and 2400$ are the crucial supports and 3500$ and 3700$ are crucial resistance in COMEX Silver. In MCX Silver 58000 and 60500 will act as major resistance and 54000 and 51500 will act as major supports.
Resistance: 3677 - 3442.
Support: 3288 - 3063.
Strategy: Technically COMEX Silver is consolidating on charts. For this week traders can use sell on higher level strategy if Silver sustains below the level of 3350$ an ounce, then below 3290$ COMEX Silver can test the level of 3245/3195/3135$ an ounce. And in MCX Silver sustains below 56800 then it can test the level of 56000/55300/54500, Trade by keeping the proper stop losses.

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