Monday, 24 September 2012

Commodity Trading Tips For 24 Sept.

On 24th sept. – International markets weakness and strong Rupee against Dollar has also put pressure on Gold – Silver as well as on Crude Oil prices.Recovery to start in stock markets (from 12.30 HRS IST which should continue till 20.45 HRS IST). Again a downward trend is expected from 20.45 to continue till 25-26th September. Again recovery to start from lower level from 27th September.
         Bull run to start from 28th September 2012. Next week is going to be very bullish. Tonight, you must short S&P, EUR/USD (for next 2 days). Weekly trading Range of global indices.
         Rupee against Dollar is trading at 53.23. COMEX Gold around 1% Silver about 2% are weak. NYMEX Crude Oil slipped 0.5% and is trading at $ 92.25. LME Copper declined by 0.5%.

Copper Updates Today :- MCX Copper opened down by Rs. 2.5 per kg, at Rs. 442 per kg. Copper supports for the contract are at Rs. 440 and Rs. 438 per kg. Resistance for the contract are at Rs. 444 and 446 per kg.

MCX Gold Updates :- Gold prices witnessed a sell off after breaking the range below 31750 and closed at 31506. We expect a bounce back till 31650 to 31720 whereby prices are expected to witness selling pressure. With appreciation in INR we expect prices to test 31200 -31100 on lower end. Support - 31200 31330 31450 Resistance - 31630 31720 31800.

MCX Silver Updates :- Silver prices are expected to open gap down, we expected prices to test 62000 -61800 on lower end. For intraday if holds 62000 -61800 one can buy with a strict stop loss below 61700. Support - 61800 62500 63200 Resistance - 63500 64000 64450.


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