Wednesday, 31 October 2012

Commodity News For 31st Oct. 2011

Gold closed lower at $1709. Market was range  bound, with a very subdued trading as hurricane Sandy was the main concern for the market.

Silver also opened lower at $31.70, along with copper and cct. rude oil. For past 4 trading session, gold is trading sideways, but as the 7 RSI is at 38, there is still room for further down side. Next technical target should be $1693 (38.2retracement of the may to October uptrend) followed by $1662 (50% retracement). Upside resistance poised at $1720 and $1748. Silver also trading sideways for last 7 session. Immediate  support is at $31.50, the bottom of this sideways trend and resistance is at $32.50.

Crude Oil 
Technically MCX crude is range bound between 4600 to 4690. Weakness is still present as market made a double bottom at 4600. A close below that, could see 4530 and 4470 levels. Strong resistance poised at 4709 and 4770. Fundamentally, price could be well supported as the main focus of U.S oil market is on Hurricane Sandy and its post landfall effect. With the shitting down of the refineries, price may climb higher.

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