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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It seems that the rein has been put in the booming of gold and silver in the market.Gold and silve rare trading range bound across the globe.MCX Gold hit the price band of 29,574 by falling down 0.3 percent in the market.while silver has broken half per cent. Gold ETF holdings of the domestic market have come down substantially, in June,as the investors withdrew a record Rs 230 crore. The holding of the gold ETFs have been cut down by 25 per cent.There is a slowndown in the economy world wide despite this the gold is trending down.The market is being a little pessimistic and cautious about the global economy, and investors are choosing the dollar as the top safety havenThe strength in the dollar is in turn putting pressure on gold prices.
Hence We recommend Following MCX Commodity tips for Today’s session:-
Gold (MCX): Sell @ Rs -29 580, Stop Loss-29680 Target-29,450
Silver (MCX): Sell @ Rs -53280, Stop Loss-53400 Target-52900
Crude oil (MCX): Sell below @ Rs -4730, Stop loss-4780 Targets 4680 to 4620
Copper (MCX): Sell below @ Rs -423, Stop Loss -425.50 Target-418
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. .