Gold raced to a six-month high on Friday. Technically, gold is in bullish trend. In this week Rs 32,500 and Rs 33,300 will act as a major resistance and Rs 31,200 and Rs 30,600 will act as a major support for MCX Gold October futures. For this week traders can use buy on lower level strategy, if gold sustains above the level of 31,700 then above the level of 32,000 it can test the level of 32,500/ 32,900.
Technically, silver is also in bullish trend. For this week, Rs 65,000 and Rs 66,700 will act as major resistance whereas Rs 61,400 and Rs 60,000 will act as major supports for MCX Silver December futures. For this week traders can use buy on lower level strategy, if silver sustains above the level of 63,500 then above 64,000 silver can test the level of 65,000/ 66,200.
Copper rose to its four months high on Friday due to China`s approval of USD 157 billion infrastructure spending programme. Technically, copper is in bullish trend. For this week 455 and 467 will act as major resistance levels and 434 and 418 will act as major support levels for MCX Copper November futures. For this week one should go for buy on lower level strategy in MCX Copper, if it sustains above the level of 445 then it can test the level of 455/ 465.
Last week crude oil settled down on lower levels. Technically, crude oil is consolidating on the charts. For this week 5,200 and 5,050 will act as major supports and 5,440 and 5,600 will act as major resistance for MCX Crude Oil. For this week traders can use buy on lower level strategy, if MCX Crude sustains above the level of 5,350 then above the level of 5,400 it can test the levels of 5,475/ 5,550.
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