Base Metals and Energy Updates: Copper Sideways, Natural Gas Bullish as US suffers Cold weather

Intraday support for copper remains at 441 with immediate support at 443.5, till holds
above will trade sideways to up. Immediate resistance is at 448 and sustained breach above
the same could target 451 - 455. But, our view could negate if it breaches below 441.

Nickel continues to trade sideways to up and is close to 888 level at present. Support for the 

day is at 882 followed by strong support at 876, till holds above buying is advisable for 

intraday. Immediate resistance is at 894 and sustained breach above the same could extend 

upside towards 907 - 910

Crude oil corrected yesterday on failure to breach resistance at 6270. However, the price 

has good support at 6150-6170 range. The short-term trend remains positive above this 

support area. Breach above immediate resistance at 6270 could resume the uptrend now for 

the target of 6350. 

Price has support at 332 level with immediate resistance at 338. Sustained trading above 

338 could extend the upside move towards 345 followed by strong resistance at 351 level. 

Selling is advisable on sustained trading below 332. Next best support is at 325 level. 

Gold Silver Updates Today: US Job Data

Gold and Silver commodities have seen a downfall before U.S. non-farm payroll data which is to come today. Yesterday, the hiring in the private sector which has reached a record level of 1 year, can affect today's jobs data.

With 0.2 per cent on MCX gold is trading near Rs 29140. While silver fell 0.6 per cent  and come down to Rs 44,200.

The appreciation of the rupee continues today. In the U.S., generally when data comes positive, the dollar gets strong but in last 2 days, the rupee has risen to 61.64 against the dollar.

Domestic factors are likely to responsible behind the rising rupee. It is believed that the results are predictable and could strengthen the rupee.

MCX Gold Trend with Levels : Copper Updates and Tips

MCX Gold Trend For Today :-

In Indian commodity market, MCX precious metals are trading on flat to positive note. MCX Gold opens on a positive note but technical charts are suggesting sideways trend.

MCX Gold has opened at the level of 29860. For now, it can make a high around 29973  and low around 29860. As its open price and low level are same, it can boost up in today's trading session.

Technically if we talk about support and resistance levels then, first resistance level is marked near 30000 and second resistance level is around 30255. On the other hand, first support can be seen near 29660 and second support level is at 29510.

MCX Copper Recommendations :- 

Sell copper below 457.80 stoploss 459.80 target 456,455,454.

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.