Gold Silver Updates Today: US Job Data

Gold and Silver commodities have seen a downfall before U.S. non-farm payroll data which is to come today. Yesterday, the hiring in the private sector which has reached a record level of 1 year, can affect today's jobs data.

With 0.2 per cent on MCX gold is trading near Rs 29140. While silver fell 0.6 per cent  and come down to Rs 44,200.

The appreciation of the rupee continues today. In the U.S., generally when data comes positive, the dollar gets strong but in last 2 days, the rupee has risen to 61.64 against the dollar.

Domestic factors are likely to responsible behind the rising rupee. It is believed that the results are predictable and could strengthen the rupee.

MCX Gold Weekly Report 23 Sep to 30 Sep

MCX GOLD OCTOBER: OUTLOOK 23 Sep 2013- 30 Sep 2013

OPEN: 30050 CLOSE: 29912
HIGH: 30894 LOW: 29277

MCX GOLD opened in week strongly at 30050 and moved lower at level 29277. Again it measured gains
to a level of 30694, however could not sustain it. It went down to test levels till 29836. Closing was
marginally lower than previous week closing.

For this week we can expect Gold prices to have resistance in range of 30610 – 30690. Breaking and
sustaining levels of 30850 would rise the resistance to levels of 31550.
Support can be seen at levels of 29370 – 29250, however trading below levels of 29200 would bring
down the support to 28540.

Recommended trading levels for the week :
R1 – 30610 S1 - 29370
R2 – 31550 S2 - 28540

Weekly Recommendation: Sell MCX Gold October between 30,040-30,110, SL-30,715, Target -29,350.

Gold Silver Updates- MCX Tips for Today

Bullion metals have shown an initial shine after a long time and MCX Silver managed to touch 53000 level. Gold prices have witness a rise of nearly half percent while silver after touching 53000 level, is trading near 52960 level. Silver could continue the positive trend till 53200 level and a volume driven breach above 53200 may extend the trend till 53500-53700 level.

While inability to sustain above 52950 can cause downfall gain and Silver may find support level at 52750 and 52200.

For MCX Gold, one may buy above 29750 for the targets of 29850-29900-29950.

MCX Nickel and Copper Updates- Base Metals Trend

Apart from Nickel, all base metals on MCX mcx are trading lower. With a slight rise of nearly 0.25%, MCX nickel is trading around 880 level. Trend seems to be sluggish for the day. However a breach above 888 may trigger buying interest towards 997/905-912 level. Near term trend is also negative. On downside, 874 is the key support to prevent the downfall.

MCX Copper is also trading with negative bias and it is heading towards its support range of 417-414 level. Any trade below such levels may invite more liquidation pressure.

Traders can buy copper around 417-418 for the targets of 422.50-426-430 levels for near term.

Toda's Commodity Market- Gold silver Declined, MCX Copper may decline further

Indian commodity Market , as expected, saw a downfall in Gold silver precious metals right from the beginning of the day. Decline in international market cause the selling pressure in domestic market also. MCX Gold is trading below 29950 level and has dropped more than 0.50%. Silver has declined nearly 1%.

In Base metals, Copper futures is trading near its support level of 426 below which it can decline further.

Sell Copper (June) below 426 Stoploss- 427.90 TG- 422.50-421.00

Sell MCX Silver below 53850 stoploss 54050 TG- 53600-53450

Commodity Silver Updates for Today

Weakening rupee has supported the prices of Gold and silver in MCX. Silver has gained more than 2% while commodity Gold futures is trading above 28300 level on multi commodity exchange of India. Both domestic as well as international bullion are trading well so prices are likely to continue the positive trend. Silver, above 53000, could be more productive , else below the same could result a push down towards 52300/52000 followed by 51000 region. Break above 53000 could entice buyers to target levels like 53500-53800 for Intraday trading.

Commodity Updates - MCX Tips for Today

MCX Gold (August Futures): Buy on dips- 22490-22530 Stoploss - 22450 and the target - 22550-600

MCX Silver (July Futures): Buy on Dips around 55400 for the targets of 55550-55700-850 stolposs 55100


MCX Copper (June Futures): Sell - 402 keeping a stoploss above - 404.50 and Target - 299.50-398

above 405 go for buy for the targets of 409

Agri Commodity Updates-

Jeera: Jeera is expected to trade steady to weak tomorrow.

Pepper: Future prices are trading with mixed sentiments. 28300 is strong support for May future.

Guar: Guar seed is likely to trade with mixed sentiments during the day tomorrow. Uncertainty is still prevailing in market.

Gur: Gur prices may trade with upside sentiments tomorrow.

Potato: Short term traders should trade as per momentum. Prices may trade more at downside.

Sugar: Price may fall by 20 points in intraday trading session

Commodity Updates- Nickel Trend

MCX Nickel April contract prices ended higher supported by firm equity market and weak US dollar. LME nickel LME nickel for delivery in three months opened at USD 25,500/mt and closed at USD 26,360/mt, up by USD 785/mt from a day earlier, with the highest price at USD 26,440/mt and the lowest price at USD 25,500/mt.

For today market is looking for the support at 1151.4, a break below could see a test of 1131 and where as resistance is now likely to be seen at 1196.2, a move above could see prices testing 1205.4.