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 BULLION TIPS ~ GOLD SILVER UPDATES

MCX GOLD TREND

On the domestic front, prices increased by 0.7 percent on account of depreciation in the Indian Rupee and closed at Rs.29,765/10 gm after touching an intra-day high of Rs.29,784/10 gm on Monday.

MCX Gold Support and Resistance :- Support :- 29600/29450, Resistance :- 29850/29950

SILVER OUTLOOK

On the MCX, July Silver contract rose by 0.7 percent on the back of depreciation in the Indian Rupee and closed at Rs.54,694/kg after touching an intra-day high of Rs.54,940/kg in yesterday’s trading session.

MCX Silver Support and Resistance :- Support :- 54300/53900, Resistance :- 54900/55200

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GOLD UPDATES ~ MCX TIPS FREE

MCX GOLD TREND :- Gold plunged the most in 2-weeks, as the European Central Bank refrained from providing more stimulus measures after a meeting in Barcelona, easing concern that inflation will accelerate. Silver also retreated. Gold and silver are expected to trade lower today taking cues from strength in the US dollar index and mixed market sentiments. Silver will also take cues from movement in base metals. US non-farm employment change is expected to be on a negative note today and if the data come as expected then this will lead to further downside in prices. However, a weaker Rupee may cushion sharp decline on the domestic bourses. 

MCX COMMODITY TRADING ADVICES :- 

MCX Crude Oil (May futures): Sell - 5580, stoploss of Rs - 5630 and the target - 5490 

MCX Silver (July futures): Buy - 56 150, stoploss of Rs - 56000 and target - 57 200

MCX Copper (June futures): Sell - 447, stoploss of Rs - 450 Target - 441

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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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FREE MCX NCDEX COMMODITY TRADING TIPS

MCX GOLD SILVER TREND :- Escalating tensions over Euro Zone debt worries with Spain being the matter of concern will lead to rise in risk aversion in global markets. On account of this, we expect US dollar to remain strong and gold and silver to trade lower today.  However, Rupee depreciation may cushion further decline on the MCX

CRUDE UPDATES :-  In today’s session we expect crude oil prices to trade lower on the back of rising US crude oil inventories since past few weeks coupled with strengthen in dollar index.

MCX COPPER TIPS :- Base metals are expected to trade with a slightly bearish note today taking cues from a stronger dollar index coupled with rising worries over Europe’s debt crisis which has weakened the demand outlook for industrial metals. However, a weaker Rupee may cushion sharp decline on the Indian platform.

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COMMODITY TRADING TIPS TODAY || Gold Copper Crude Tips

MCX GOLD SILVER OUTLOOK :- Gold and silver are expected to trade with a negative bias today on account of strength in the US dollar index, as a stronger dollar makes dollar-denominated commodities look expensive for the holders of other currencies. Silver will also take cues from downside in base metals pack.  However, a weaker Rupee may cushion sharp fall on the Indian platform

MCX GOLD SUPPORT & RESISTANCE (June'12) :- Support :- 28650/28500, Resistance :- 28850/28950

MCX SILVER SUPPORT & RESISTANCE( May'12) :- Support :- 56700/56200, Resistance :-57500/58000

BASE METALS UPDATES :-  Base metals are expected to trade lower today on account of weak  GDP data from China  which created demand  concerns  from the world's  largest metal consumer. Additionally, strength in the US dollar index will also act as a negative factor for metal prices. However, depreciation in the India currency may cushion sharp decline on the MCX 

MCX COPPER SUPPORT & RESISTANCE(Apr'12) :- Support :- 418/414 Resistance :- 424/427 

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MCX Commodity Updates ~ Gold,Silver,Copper,Crude Tips

MCX GOLD TREND :- Spot gold prices declined around 0.4 percent on Thursday on the back of a stronger dollar coupled with choppy sentiments in the global markets. Additionally, fall in crude oil prices also affected the inflation-led demand for gold yesterday. The yellow metal touched an intra-day low of $1627/oz and  ended its trading session at the level of $1642/oz  on Thursday.  However,  MCX Gold April contract  rose around 0.2 percent  on account of a weaker Rupee and hit an intra-day high of Rs27,937/10 gms yesterday

MCX CRUDE OIL TREND :- Nymex crude oil prices declined  sharply around 1.8 percent  on Thursday on the back of unfavorable economic data from the Euro one front and China. This increased worries over global economic growth and in turn escalated global oil demand concerns which also acted as a negative factor for oil prices. Crude oil prices touched an intra-day low of $104.50/bbl and closed at $105.40/bbl in yesterday’s trading session. On the MCX, oil prices declined by 0.5 percent and closed at Rs. 5418/bbl after touching an intra-day low of Rs.5401/bbl on Thursday.

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MCX Gold Updates,Intraday Tips for Gold 10 March 2012

Overall trend of the Gold is bearish for medium-long term .Currently Gold is in strong downtrend and the trend is supported with good volume The open interest is not increasing with trend. The Gold is now trading in overbought level. The oscillator is showing SELL signal For short term Gold is in SELL position

Gold Support and Resistance :- Support for the Gold is 27783.Resistance for the Gold is 28114-28153-28243-28344-28383

Gold Intraday Trend :- Buy is advised above 28216.1 with a stop at 27856.8 Below 27774.5 go for sell

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