Weekly MCX Gold, Silver, Copper, Crude Oil Updates

Gold:

Gold futures were trading at lower levels as the sharp rise in rupee against the dollar weighed on prices. We also saw the profit booking in the market due to higher value of the rupee against the dollar. But last 2 days of the week we saw the short covering in the market.

Over all, MCX Gold February future is range bound and also sustaining above 31,000 levels. So for this week 30,850/30,650 will act as a major support whereas 31,950/32,500 will act as a major resistance level in MCX Gold February future. For current week trader can use buy on lower level strategy, if MCX Gold February future sustain above 31,470 levels then it could test the levels 31,700, 31,900.

Silver:

MCX Silver future is consolidating and sustaining around 62000 levels. Last week MCX Silver March futures were sideways around lower levels. For this week 65,700/66,500 is the major resistance levels whereas 60,900 is a major support in MCX Silver March futures.

For current week traders can use buy on lower level strategy, if Silver March futures sustains above 62,850 then it could test the levels of 63,700 / 64,900.

Copper:

Copper was down as demand concerns from the Euro zone and the US put pressure on prices. Overall, trend of MCX Copper future is consolidate and also, sustaining around 442 levels. So, for this week it could face major resistance of 453 levels whereas 425 could be a major support level in MCX Copper. For current week in MCX Copper traders can go for sell on higher level strategy, if Copper future sustains below 439 levels then it could test the levels of 434.50/ 427.90

Crude oil:

Crude oil prices went down as the Euro zone economy would contract in 2013 thus raising concerns for weak global oil demand. Crude oil prices to be down as demand concerns over-weigh supply disruptions and uncertainty over fiscal cliff continues to raise recession fears in US.

Technically MCX Crude oil is in consolidation and looking weak on charts. Last week, MCX Crude Oil December futures traded downward for the entire week. For this week 4,570 and 4,450 will act as major supports levels whereas 4,950 & 5,100 will act as major resistance in MCX Crude oil December futures. For current week traders can use sell on higher levels strategy. If MCX Crude oil December futures sustains below the level of 4,670 then it could test the level of 4,620/ 4,590.