On a weekly basis, gold prices gained around 2 percent in the international markets and around 1.8 percent on the MCX.We expect gold prices to trade higher during the week on account of ease in European debt concerns, expectations of quantitative easing in the Fed policy meeting in the week.
MCX Gold August Tips
Buy MCX Gold August between 29,970-29950, SL-29640, Target-30400/30700.(CMP: 30,064)
On the MCX, the Silver July contract traded higher by 0.5 percent and closed at Rs. 54,554/kg in the last week.We expect silver prices to trade on a positive note on the back of positive global market sentiments coupled with weakness in the DX.
MCX Silver Technical Levels
MCX Silver: Support 53870/53190 Resistance 55280/56034.
In this week, we expect copper prices to trade on a positive no taking cues lobal market from expectations of Fed’s quantitative easing, positive g lobal sentiments along with weakness in the DX.
MCX Copper June
Buy MCX Copper June between 414-413, SL-408, Target-422/427
Buy MCX Crude July Between 4670-4650, SL-4550, Target- 4810
MCX Gold : MCX Gold has gained 2% in the International market while 0.6% in the domestic one.There is no proper clarity of the global economy that where will it move though the Researchers believe that the Gold is still a safe investment option.
MCX Gold Weekly Technical Levels
Buy MCX Gold August between 29,430-29400, SL-29100, Target -29900/30150. Spot Gold : Support 1581/1551 Resistance 1611/1638
MCX Silver: At one hand where the gold gained the hike the Spot silver slipped by 0.6%.According to the experts the silver will trade in higher in this week.
MCX Silver Weekly Technical Levels
Buy MCX Silver July between 53900-53850, SL-53490, Target -54700/55600.
Spot Silver : Support 28.20/27.64 Resistance 28.85/29.60
MCX Copper : MCX Copper declined on the weekly basis around 0.6 percent in London Metal Exchange. Copper is expected to trade in higher in this week’s trade.
MCX Copper Weekly Technical Levels MCX Copper: Support 397/387 Resistance 415.30/423.70.
LME Copper: Support 7160/7020 Resistance 7510/7725.
MCX Crude Oil : On the MCX, the crude oil June contract fell by 0.1 percent on the back of appreciation in the Indian Rupee. There will be a upside support for crude this week.
MCX Crude Weekly Technical Levels
Buy MCX Crude June Between 4615-4600, SL-4510, Target -4780
Nymex Crude Oil: Support: 82.30/79.80 Resistance 87.20/90.0
NCDEX Chana Weekly Technical Levels
Buy NCDEX July Chana between 4100-4120, SL-4000, target 4250/4280.
NCDEX Black Pepper Weekly Technical Levels Buy NCDEX July Pepper between 39150-39250, SL-37800, Target 40800/41200