Monday, 17 September 2012

Weekly Report - MCX Commodity Market (Gold, Silver, Copper, Crude)


MCX Gold is in bullish trend and sustaining around higher levels. For this week, 32,500 will act as a major resistance level and 31,180 will act as a major support level in MCX Gold Oct. futures. For this week traders can use buy on lower level strategy, if MCX Gold October futures sustains above 32,150 then above 32,250 it can test the level of 32,450/ 32,550.

MCX Silver is also bullish on the charts and sustaining around higher levels. For this week 67,000 is the major resistance levels whereas 62,000 is major support in MCX Silver Dec. futures. For this week, traders can use buy on lower level strategy, if Silver Dec. futures sustains above 64,000 then above 65,200 it could test the level of 66,600.

MCX Copper Nov. futures is in bullish trend and looking strong on charts. For this week 450 and 443 will act as major supports whereas 466 and 474 will act as major resistances in MCX Copper Nov. futures. For this week in MCX Copper, traders can use buy on lower level strategy and if it sustains above the level of 455 then above the level of 458 it could test the level of 463 / 467.

MCX Crude oil is in consolidation around higher levels. For this week 5,325 and 5,245 will act as major supports levels whereas 5,580 & 5,700 will act as major resistance in MCX Crude oil October futures. For this week traders can use buy on lower levels strategy. If MCX Crude oil October futures sustains above the level of 5,470 then above the level of 5,500 it could test the level of 5,540/ 5,580.

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