MCX Silver & Copper Updates for Today

On MCX copper is trading above 418 and staying above 418.50 would lift the prices further. Above 422 we can see prices to go up to 424-426 level. But recession in Global Economy has fortified the declining interest of investors in Copper and the open interest of this metal fell to a low of 5 years so we may see some consolidation in this commodity.

On downside, copper may experience a downfall below 416 level.

In Bullion metals, Silver seems to trade with positive trend and it has breached the crucial resistance level for 54550. Staying consistently above the same can extend the positive trend till 54650-54750 level. Silver traders can buy mcx Silver (September Contract) above 54550 for the targets of 54750-55000 level.

MCX Copper and Silver Updates for today

Silver Updates: Gold and silver commodities are moving in different directions today. Gold made a positive opening while on the other hand silver started the day with red mark. However the movement is sluggish but experts say that silver may remain volatile withing the range of 53000-53550. Rally in mcx silver is expected only above 53500 level. The most suitable strategy to trade in silver today is buy on dips. So traders can take their positions accordingly.

Copper Updates: In Base Metals, Copper may trade higher today above 417 but inability to sustain above 416 can fortify the negativeness and we can see levels like 414.00-412 in Copper today. Traders are required to trade copper above 418. Major upside is seen above 424 level only.

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.

MCX Tips for Today: Commodity Update

Gold (Jun) Buy Around 22300-350 Target-22420-22480 SL-22255

Silver (Jul) Buy Above 55100 Target-55300-55600 SL-54950

Copper (Jun) Buy Above 403 Target-406-409 SL-400.7

Lead (May) Buy Around 112.5 Target-113.4-114.3 SL-111.8

Nickel (May) Buy between 1030-1033 Target-1045-1060 SL-1022

Zinc (May) Sell Below 97.4 Target-96.3-95.2 SL-98.4

Gold Silver Updates Today

Silver MCX June Contract

Today silver Opened below 70000 and there night be a drop till 67500-300 regions initially, but in intraday silver can touch the level of 66000-64200 if prices sustain below 67200.
A direct rise above 69200 may lead silver to 70000 gain.
doubts on the bearish expectations and continue the rally later.

Gold MCX May Contract-

Unsuccessful attempts to clear above 21850-890 region would dilute hops for a rise and prices may come down to target 21700/600 region, but if consistent below the same call for long liquidation pressure which is expect to extend towards 21200 later. However if prices steady above 21900 possible fresh short covering rallies are favored later.