MCX News For 26th Dec. 2012

BULLION : Gold futures prices today fell by 0.40 per cent to to Rs 30,732 per 10 gm as speculators reduced their positions, taking weak cues from the global market.
        At the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 122, or 0.40 per cent, to Rs 30,732 per 10 gm in a business turnover of 1,569 lots.

METAL :  In range-bound movements, copper futures traded a shade higher today largely on the back of pick up in spot demand.
        At the Multi Commodity Exchange, copper for delivery in April rose by 35 paise, or 0.08 per cent to Rs 441 per kg in a turnover of 99 lots.

 Nickel futures prices fell by 0.41 per cent today after speculators reduced their positions at prevailing level in the absence of cues from the global markets amid approaching expiry.
        At the Multi Commodity Exchange, nickel for delivery in January traded Rs 3.90, or 0.41 per cent lower at Rs 953.20 per kg, with a business turnover of 152 lots.

ENERGY :  Oil prices were up in post-Christmas Asian trade Wednesday as traders warily eyed the soon-to-resume US budget talks on a deal to avert the fiscal cliff, analysts said.

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Commodity Weekly News And Strategies from 5th Nov. to 9th Nov. 2012

MCX GOLD 
MCX GOLD last week showed downward trend it moved in a downward channel pattern and found strong support of lower band of channel, now if it able to break support of 30350 than we expect bearish trend in it towards the level of 30000. On other hand if it takes reversal from lower band than resistance is seen around 30850.

Strategy
Better strategy in MCX GOLD is to sell below 30350 for the target of 29800-29400 with stop loss of 30900.

MCX SILVER 
MCX SILVER last week showed downward trend on daily charts it moves in downward channel pattern and found strong support of lower band of channel. Now, if it takes reversal from lower band than some correction is expected in it towards level of 58850 and if downtrend continuous than support is seen around 56000.

Strategy
Better strategy in MCX SILVER at this point of time is to sell below 56800 for the target of 55700-54800, with stop loss of 58400.

MCX CRUDEOIL 
Crude  oil last week showed downward movement and  found strong support of 4600 which is also its crucial point since last four weeks it was not able to break it, below this it will be in weak zone and may find next support around 4500. On other hand in this week if it is not able to break it than resistance is seen around 4725.

Strategy
Better strategy in MCX CRUDEOIL is to sell below 4600, for the target of 4500 with stop loss of 4715.

MCX Copper
MCX Copper last week showed downward movement on weekly charts it moves in an upward channel pattern and found support around lower band of channel. Now if it breaks support of 414 than find next support around 409 below this breakout of channel pattern is expected. On higher level it will find resistance around 425.

Strategy
Better strategy in the MCX COPPER will be sell below 414, with the stop loss of 425 for the target of 407-400.

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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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