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.

MCX Gold Silver Tips for Today and Copper Updates for Intraday trading

MCX commodity marketing is sparkling with green color as MCX gold Silver are trading up with the expectations that rupee will continue to remain weak against dollar. Silver prices have witnessed an upside of nearly 0.40% while mcx gold has added 200+ points to trade above the level of Rs 28200. Precious metals are likely to continue with positive trend for the day. Technically, level of 27900 is acting as support for mcx gold futures while 28400 is the major upside resistance level.

Day traders can go for buy in silver above 44400 for the targets of 44700-44900. A successful trade above 44900 would invite more higher levels in this bullion metal.

In base metals, Zinc and nickel could be another intraday pick for buying while one can buy Copper (June futures) above 421.50 for the targets of 423.50-424-426 levels.

Commodity Gold Silver Updates: Technical levels

In Indian commodity market, MCX precious metals are trading lower with gold trading below 27850 and mcx silver near 44500 level. The trend suggests that this initial downside is driven by speculators profit booking however strong global cues are capping the pressure. Japanese Yen has seen an appreciation of 2.11% against the US dollar which would support the prices of gold.

Technically gold is likely to trade flat in multi commodity exchange of India however breaching the crucial level of 27890 may enhance the chances of intraday swings. This precious metal is facing downside support level at 27590.

On the other hand, one can go for intraday buy in silver above 44750 for the targets of 44900-45000. A trade below 43800 would escalate the selling momentum.

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.

Commodity Updates- Crude Trend and MCX Gold Silver Tips for Today

The very first day of the week saw a downfall in NYMEX crude oil prices along with a weak start in COMEX Gold and Silver. International crude prices have witnessed a decline of 1% to trade around $84/barrel and prices are expected to remain negative for the day.

 Gold and Silver are also likely to persist the negative trend Today. Technical charts suggest that trading below 29600 level can invite more downside in Gold august futures while above the level of 29750, we can expect prices to surge up beyond 30000 level.

 Silver on MCX is taking resistance near 52500 but rallies can be seen only above 53200 level. Traders can go for Intraday buy above 52350 for the Targets of 52500-52750. Selling is recommended below 51750 only.

Commodity Updates for Today

Due to Strengthening of the rupee against the dollar, MCX Gold and Silver prices have declined significantly. Silver has lost more than 1% and trading below 52400 level while Gold has come down to 29780 level.

Crude oil has also suffered much as rupee has witnessed some strenth against dollar. Crude has been declined nearly 1.80% and it seems to slip down below 4500 level. Base metals have also declined nearly 1%. MCX copper is trading at 413 and it has dropped by 1%.

Gold Silver Trading Strategy- :Since near term trend of Gold is intact so one can adapt buy on dips strategy in Gold. Silver can be accumulated at around 52150-52000 level. 

Commodity Gold & Silver Updates Today

Comex Gold and Silver prices have witnessed a sharp decline Today. With more than 1.30% decline comex Gold is trading near 1568 level while Silver slumped 1.5% to trade at $28 per ounce.

In MCX, Bullion metals declined heavily on Thursday. Gold witnessed 2.4% drop while Silver fell more than 3%.. The weak cues across the globe are suggesting that the precious metals are likely to trade with negative bias again. Below the level of 54000, silver may come down to 53600-53350 level while Gold may come down below 29000 level.

Crude and copper are also in decline mode as  NYMAX crude  and LME copper are suffering downside in the international market.

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

Intraday Bullion Tips- Gold Silver Updates

In Gold the nearest resistance is seen near 22690 above which one can go for a buy to target levels like 22720-22750. Even if Gold Slips till 22650-600 one can buy at same levels. A trade below 22590 may drag Gold to 22550-22500.

MCX Silver July Futures , one can buy above 54350-400 for the targets of 54500-54800 keeping a stoploss below 54100

Commodity Updates- MCX Tips for Today

MCX Silver July- Buy MCX Silver around 53200-53400 for The targets of 53800-54000 Stoploss- 52850

MCX Gold August- buy around 22450 targets- 22500-22550 Stoploss-22390

MCX Copper June- Buy Above 409.50 Targets-412.00-413.50 Stoploss-407.50

MCX Bullion Tips- Gold Silver Calls

Gold (August Futures) MCX: Buy -22650-700, Stoploss-22620 Target -22755-22800

Silver (July Futures) MCX: Buy -55300, Stolploss-54950 target -55500-55800

MCX Gold Silver Updates- Trading Tips for Today

MCX Gold June Contract
The up trend seen today in Gold may not be consistent if prices unable to remain above 22250-22300 regions. Gold might see some downfall after touching 22300-350 levels initially. Direct rallies could be seen if Gold close above 21400.

For Intra-day One can buy Gold June futures above 22250 for the targets of 22300-350 SL-22180
or below 22170 one can sell Gold for the targets of 22100-22050.


MCX Silver July Contract
In Silver Prices are still range bound in 54500-51500 regions for last few days. A breakout in either side can decide the a fresh move towards lower or upper side.

For Intraday Buy Silver above 53000-53050 for the targets of 53100-53250-53400 SL-52720

Intraday Gold Silver Report and Trading Tips

Gold June Futures is still trading in the consolidated range of 21700-22050 from last three days. The daily MACD trading indicates Gold above the trigger line of Sell mode. For short term we can expect some sell off to the level of 21700. while consistent trade above 22000 can take Gold to test 22100-22300 level.

For Intraday one can sell Gold around 21900-21920 for the targets of 21750-21700 keeping an stoploss above 22000.


while in Silver July one can sell Silver around 53450-53550 for the targets of 52500 SL-above 54260.

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 Trend For Today

MCX Gold June delivery contract rose by 0.80 percent to 22200 rupees per 10 grams on a weaker dollar, after suffering its worst weekly loss since 2009, while U.S. silver futures rose nearly 3 percent as investors took advantage of last week's free fall in prices to enter the market.

On this week's data schedule, the US is due to release its April consumer price data, which may shed light on the future moves in monetary policy by the central bank, as market speculation mounts on what the Fed Res might do after the stimulus package rolls off in June.

For now, Gold is getting support at 21920 and below it may test levels of 21850. On above side resistance looks at 22120 and above could see price testing 22250 levels.

MCX Intraday tips: Gold Silver Updates

Gold June : Sell - 22130-22150, SL - 22215 and the target - 22000-21910


Silver July: Buy - 57800, SL - 57400 and the target - 58400-58790

Crude oil : Sell - 4540-4550, SL - 4480-4420 and targets – 4590

Copper:Sell - 406.5, SL - 411 and the target - 403

Nickel: Sell - 1115-1118, SL - 1130 and target - 1100-1080

MCX Gold Silver Updates

IN MCX Gold June the Up rally seen so far might not be consitent if it does not sustain between 22070-22100 range. A rise above 22150 can persist the further bullish trend. If Gold Sustains below 22000, it can fall upto 21800-750-650.


MCX Silver July - Today prices bounced back after sustaining in 51800-52000 region and Hit a level of 57000 in earlier session.

For intraday it can further go upto 56800 -57000 again. So one can initiate long in silver July Futures above 56500 for the targets- 56800-57000.

MCX Tips for Today

Buy Gold May Contract above 22300 Targets- 22450-22500 SL-22160

Buy Silver June contract above 71600 TG-71900-72200 SL-71100

MCX Copper June Sell Around 424 TG 415-410 SL-434