MCX Commodity Levels : Gold, Silver, Copper, Crude 13 Sep 2013

Gold Support and Resistance Levels :

Resistance 1 - 30150
Resistance 2 - 30360
Support 1 -    29950
Support 2 -    29800

Silver Levels :-

Resistance 1 - 50800
Resistance 2 - 51400
Support 1 -    49900
Support 2 -    49400

MCX Crude Oil :-

Resistance 1 - 7000
Resistance 2 - 7060
Support 1 -    6870
Support 2 -    6810

Gold Silver Trend and Technical Levels for Today

US employment data has pushed bullion prices to downside. The report say, 195,000 new jobs has been added on payroll last month which is way better than what was expected.

On Friday, gold spot prices fell 2% followed by 0.30% decline to reach $ 1219.31/Ounce.

On MCX, Gold august contract is trading below 26000 level and heading towards the nearest support line of 25850. A breach through this level would stimulate the downside objective and this yellow metal may suffer a down trend till 25500. However strong trades above 26200 can help Gold to pick up the upside momentum up to 26300-26500.

Silver can be a buying bet above 40130 for the targets of 40250-40320. Keep strict stop loss to avoid unpredictable losses.

Gold Silver Trend Today and Commodity Tips for 23 August

Gold - Silver Trend

The expectations of getting Bailout package to Eurozone has resumed the boom in commodity market. Comex Gold and silver have witnessed quite a good jump in prices. At the moment, comex Gold has climbed nearly 1.5% while Silver is trading up 2% in international Market.
Meanwhile on NYMEX with 0.5 per cent upside, crude oil is trading at 97.80 dollars a barrel . Brent crude on the ICE with a gain of 0.5 per cent trading at $115.50 a barrel.


On domestic front, Bullion metals are expected to trade higher on the back of strong global cues.
Intraday traders can follow tips below-

Commodity Tips for Today

MCX Gold (October Futures): Buy - 30250, stoploss - 30150 and the target - 30400



MCX Silver (September Futures): Buy - 55100, stoploss - 54900 and the target – 55500



MCX Crude has a buying target of 5400-5420 when accumulated above 5365.

Commodity Updates for Gold Silver and Base Metals

ECB's disappointing decision has affected the Commodity market also and we can see mix trend in MCX with sluggish movement.MCX silver has appreciated marginally to trade near 52940 level up 36 points, It may suffer a decline mode if it doesn't sustain above 53000 level.

Gold is trading sideways with slight red mark. Marginal decline of 0.11% has been seen in Gold commodity. As long as Gold prices manage to stay above 29550 level, we can expect a bounce back recovery in coming week but below the same, Gold may lose up to 29300-29200 level.

Some spark can be seen in base metals as Zinc and nickel prices have witnessed some upside. MCX zinc is trading around 102.20 and expected to trade between 103-104 till today EOD. 

Copper may come down to 409 level which is acting as nearest support for falling prices. One can go for buy around 409 level for short term target of 416-420 level.

MCX Gold Silver Updates

Rupee again witnessed a depreciation of 0.7% yesterday on the back of the S&P's warning on Indian economics condition. This decline in rupee has supported the Gold prices in domestic market while silver has witnessed slight decline.

MCX Gold, With a marginal gain of 0.07% currently hovering around 27750-785 level while silver slipped 0.17 % to trade near 54600 level. It is facing the nearest support at around 54300 level below which some more downfall is expected. On Upside, 54900 can bring some positiveness in Silver trend.

Commodity Gold & Silver Updates for Today

A sharp decline could be seen in international precious metals. Comex gold and silver has witnessed nearly 1% decline which have affected the prices in domestic market also. MCX gold and silver started the day with red mark. Gold has Suffered nearly 40% and trading below 30000 level while silver prices have come down to 55450 level. However the trend is still intact and as long as Silver does not break the barrier of 55000, we can expect a bounce back rally. Gold is expected to extend the bearish trend if it trades below 29900 level.

Crude Oil Trend and Gold Silver Trading Tips

A Slight decline in domestic has been seen in crude oil due to profit booking today . However The prices are above Rs 5,050 level. NYMAX crude is trading up by 0.5%. Precious metals are trading higher on MCX. A trade on decline will be suitable for bullion metals so it is advised to buy on dips for intraday trading. Same strategy should be adopted for crude oil also.

Gold and Silver Updates

Comex Gold and silver are looking weak on the chart. The prices are likely to take a dip before taking an upside run. So a best strategy to adopt in bullion is buying on dips.

Gold on MCX is trading near 26800. We can see a slight dip towards 26600-650 and then a recovery in gold prices. So buy MCX gold near 26600-26650 for the targets of 26750-26850-27100.

Silver commodity can be accommodated near 52650 TG-53000-53500.

Commodity Gold Silver Updates

Commodity Trading Tips-

Buy Commodity Gold above 26400 TG-26500-26750 Stopl0ss 26300

Below 26150 Sell to Target 26000-25950

MCX Silver- Buy above 54750 for the targets of 54950-55200-55500 Stoploss- 54350

Below 53600 Silver is in bullish run.

MCX Gold Updates

Gold Likely to trade with negative bias initially which may take it to 21700-650 levels which if breaches, a selling off pressure will be exerted on Gold to put it towards 21550-21400 levels later. A strong trade with volume above 21700 can lift Gold upto 21850-21950 level.

In Gold One can Sell below 21700 targeting 21650-21600 Stoploss- 21780
above 21800 buy Gold For the targets of 21850-900

MCX Gold Updates- Intraday Tips for Today

Gold could be seen with a little positive bias to trade with as the opening move seems to take Gold towards 22040-22060. A consistent move above 22180 will force traders to initiate fresh buying.
Nevertheless a direct drop below 21800 could take Gold to the level of 21400.

Intraday Traders can buy Gold Futures June contract around 21950-21980 for the Targets of 22000-22050-22100 keeping a stop-loss of 21850.

MCX Gold Silver Trend Today and Intraday Tips

MCX Gold June
Gold price are about to catch its 21 EMA support level of 22000. for Intraday on should go for buy on Dips strategy around 22000-22020 level keeping a stoploss above 21900 for the Targtes of 22150-22200.

MCX Silver July
In Silver MCX has witnessed strong sell off in past four trading sessions. Currently, prices are at a crucial support 50% retracement levels
which may bring some buying for short term. Break below 58000 levels may see further downsides to 54000 levels. Below 58000 levels may see further downsides to 54000 levels.

for Intraday one can Sell Silver June below 58000 for the targets of 57500-57200 SL-58700

Gold Silver evening Updates

Silver

Though Silver prices are still falling in a positive region, inability to clear above 74000-75000 regions would diffuse the buying momentum and would see prices falling towards 71600/70000 or more for the day. Unexpected rise above 75000 likely to start next swing higher till 77000 or more.

Gold

Expect to consolidate near 22040-21900 for the day with mild negative bias. Either the side breakout would be required to trigger sustainable move, but unlikely for major weakness unless close below the strong support 21580. On a broad bias breakout above 22050 the upside objective is seen at 22300 or more.