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 Copper - Zinc Updates

MCX Zinc opened positive today and its July futures trading near the resistance level of 103.80 breaching which can elevate zinc July futures up to 104.1-104.30 level for the day. First Support for this base metal is seen near 103.20. Below the same prices may decline to 102.80 level. The charts are suggesting that zinc is in buying mode so one can initiate long position for the target of 104.00-104.30 level.

The other base metal commodity, copper is also trading up nearly 0.35%. It has crucial intraday support st 425.70 while 421.50 is acting as downside support level. A breach in either side would decide the trend for the day. Overall trend is positive so buying is recommended.