MCX Bullion commodities gold and silver are being expected to open in the negative note on Monday 8 October 2012. MCX Bullion commodities may come under the selling pressure in the market.
From the technical point of view the MCX gold is now being expected to see the technical support level of 30450 which Further may take a strong support at 30,010. While the resistance for the gold is being expected at around 31490 which further may take a strong resistance at 31940. Traders are advised to take the sell position for the gold in this week.
MCX Silver prices are expected to trade flat as taking the asian market cues. Technically the MCX Silver is expected to take the strong support at around 61000 and resistance at 61800. Same as the MCX Gold, Silver is also adviced for the short positions.
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MCX Gold Updates:- Gold imports in the first quarter of fiscal 2013 has been reduced by 18.5 per cent.Minister of State for Commerce Jyotiraditya Scindia in the Rajya Sabha admitted that between April and June this year, India’s gold imports fell 18.5 per cent to Rs 72,000 crore has been.
Jyotiraditya Scindia also said that imports of any commodity depends on many things like – foreign demand, exchange rate and domestic prices. He made it clear that there will be no change in current gold import policy.
Expected Gold Trend in September:- Despite the demand to but this precious metal seems high on necks. The Gold is trading in green in domestic market. According to researchers there is no clue of declining demand for the gold. Meanwhile, immediate support for MCX gold expected at Rs.30700 and resistance at 30950
Gold Report (August):- In the month of August, Gold futures gained by almost 3.5% and kept trading above 4-months high due to uncertain economic outlook.
Global trend of precious metals gold and silver is on down side. These both commodities are trading with the moderate losses in the domestic as well as the overseas market. At comex the gold has seen a sharp drop of 0.30% although the price of comex gold is above the 1600 dollar.Silver is trading with 0.5 percent decline and is at $ 27 per ounce.MCX gold in domestic market closed with substantial growth of 1 percent and reached to the 29840 while the silver arrived at 53429 with a gain of 1.14%. On MCX Crude oil declined by 1 percent & stuck at 4950.
Commodity Trading Strategies for Today
Gold (MCX) is likely to trade in the range 29,800-30,020. Go for long of mcx gold at around Rs 29,800, place a stop loss of 29,720. MCX Gold may see the upper resistance level of 30,000 or even 30,020.
Buy MCX Silver at around 53,350. Place a stop loss of 53,260 It is likely to see the upper price evel of 53,700.
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SILVERMIC prices on MCX were trading lower. At 16:04 hrs MCX SILVERMIC June contract was trading at Rs 52625.00 down Rs 353.00, or 0.67%. The SILVERMIC rate touched an intraday high of Rs 52900.00 and an intraday low of Rs 52350.00. So far 50167 contracts have been traded. SILVERMIC prices have moved down Rs 7375.00, or 12.29% in the June series so far.
Gold prices tumbled below $1600 to a new low for the month on dollar-strength and weaker than expected maco data. Gold/Silver ratio, which measures the number of silver ounces needed to buy an ounce of gold has risen above 57 last week. Barclays Research said that gold/silver ratio is set to widen further on weakness in silver prices.
MCX Trading Tips for 26 June 2012
MCX Gold Trend:- Go for buying MCX Aug Gold between 30050-30080 with a stop loss of 29950 and target of 30500
Zinc Trend:- Zinc trading range for the day is 103.08-103.88. Market is looking to take support at 103.3, a break below could see a test of 103.1 and resistance is likely to be seen at 103.7, a move above could see prices testing 103.9
Natural Gas Trend:- Natural Gas trading range for the day is 149.4-152.8. Market is looking to take support at 150.1, a break below could see a test of 149.4 and resistance is now likely to be seen at 151.8, a move above could see prices testing 152.8. .