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MCX Gold Tips
In MCX Gold as long as 28750 hold the downside expect a turn higher and possibly target 28930 followed by 29050 or even more. A direct dip below 28730 could draw long liquidation pressure and take prices lower towards 28600.
Currently Gold is in strong uptrend and the trend is supported with good volume The open interest is not increasing with trend. Cautious point is buying at higer levels seems decreasing. The Gold is now trading in overbought level.
We advise that buy MCX Gold above 29396 with a stop at 28948 and if MCX Gold sustain below 28838 go for sell with a stop at 29285.
MCX Silver Tips
In enduring chart formation suggests prices have more room for further sell off towards 53300 followed by 53000 the day. At the same time turn higher above 54100 would be an early signal of renewed bullishness.
Currently MCX Silver is moving sideways the oscillator is showing BUY signal. In last 1 month volatality is very less and fresh buy can be considered in the Silver if it close above 55339 or buy with strict stop at 50996.
MCX Gold Tips
Gold is technically consolidating on charts. Last week gold was trading in a range for most part of the week. In the coming week 28600 will act as a major support in gold and 29600 will act as a major resistance. For the next week traders can use sell on higher level strategy if gold sustains below 29100 than below 28950 it can test the level of 28810 to 28670.
MCX Silver Tips
Silver is technically weak on charts. Last week silver was trading on lower side for most part of the week. For the upcoming week 54400 and 52500 are the crucial supports and 58500 and 60500 are crucial resistance in MCX Silver. For the next week traders can use sell on higher level strategy if silver sustains below the level of 56150 then below 55650 silver can test the level of 55200/ 54600.
courtesy: www.steelguru.com
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Bullion metals inched higher today after two sessions of straight losses, ahead of a major cash injection by the European Central Bank expected later this week, and a weaker dollar lent support.
Bullion metals are trading higher on COMEX today. We expect prices to trade higher for the following trading session on account of a weaker dollar and concerns over the euro zone crisis. Industrial metals are trading higher on International bourses today. We expect prices to trade higher for the following trading session on account of optimism over the second liquidity infusion by the ECB and a weaker dollar.
Crude oil is trading lower on NYMEX today. We expect prices to trade range bound with a positive bias as supply concerns and a weaker dollar will support the prices. The intraday weakness is likely to continue till 5335/5305 followed by 5270 region as long as 5380 region caps upside. However, 5415 region holds to be a major resistance area and is more likely to hinder any advances past 5380. Break above this level could void our intraday bearish view swinging prices higher towards 5500 region.
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NEW DELHI: Snapping a three-day rising streak, both gold and silver fell today on profit-selling by stockists at existing higher levels amid a weak global trend.
All though the most-active gold for April delivery on the Multi Commodity Exchange (MCX) was 0.38 percent higher at 28,283 rupees per 10 grams, after hitting 28,365 rupees, nearing the 28,434 level touched in mid-December.
Greek political leaders have agreed on all points of a bailout package except one pension cuts, and officials said discussions with international lenders would continue so a deal could be concluded before a meeting of euro zone finance ministers on Thursday.
Market analysts said increased buying by speculators following pick-up in demand due to ongoing marriage season amid firming global trend mainly led to rise in gold prices at futures trade.
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Gold - Silver is in the bullish trend. With indices on MCX gold is trading at Rs 27758. While silver has seen nearly half per cent, silver in the domestic market is trading above the 53 thousand bucks. In the international market is bullish trend in gold and silver.
Initial rise in crude oil has now ceased. Domestic crude oil is visible in the flat business. Although crude oil prices are still up to Rs 5,200. Naimaks the crude oil trading at nearly $ 100 is being viewed.
Trends in base metals continued to rise early. MCX is trading at the edge of all metals. In most zinc is about 1.5 per cent seen. In the lead is trading at around 1 per cent.
