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.

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.

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.

Commodity silver Trend Today

Silver has declined severely today and declined more than 3% on MCX. Prices have moved below 51200 level. Silver may see a recovery rally after this decline a rebound is expected before 51100 level. A trade above 52500 will stabilize the up-trend while below 51000 silver could decline more.