Monday, April 23, 2012

MCX Commodity Tips: Gold, Silver Copper Live Updates For Today: 23rd April '12

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MCX Gold Tips
MCX Gold price chart suggest that prices have reversed after taking support at 28350 levels. We expect prices to bump up towards 28580/650 initially or even higher towards 28780. Even in this prospective outlook for intraday, trade below 28370 region could bring weakness towards 28310/240 or even lower towards 28130.

MCX Silver Tips
MCX Silver after giving a false breakout has been sliding down in a downward sloping parallel channel. Recently, it has also formed a triangular pattern and its trading near its apex. Prices have been consolidating in the range of 55600-57200 region for the last few days. For the day, we expect a choppy with negative session but either side break out would suggest fresh directional moves later.

MCX Copper Tips
Copper prices are expected to trade within the range from 418 to 426, one can buy on dips and sell on rise within the range. Oscillators are in positive zone. Copper has taken support at the lower end of the upward sloping parallel channel. It has also moved beyond the 40 DEMA which is a positive sign for the bulls going ahead. The support exist at 418 and theresistance is pegged at 441 to 450.

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