Commodity Market for 26th Nov. 2012

Gold:
Gold in India followed international prices and gained over 2% weakening dollar and appreciation in rupee could restrict the steepness of rise in domestic markets in the coming week.
Outlook: 
Gold (December): Gold is expected to move in the range of 31800-32700 during the week ahead.

Base metal :
We expect base metals to be range-bound as we await the final decision of IMF for Greece bailout and as policy changes from the new Chinese leadership is expected.
Outlook:  
Copper (November): Copper is expected to move in the range of 420-440 during the week ahead.

Energy:
We expect crude oil to remain flat to bullish with a risk to upside breakout as and when middle east tensions increase in intensity. Cold weather expected across the  major consuming regions of the Northeast and Midwest early next week is not expected to last as long as previously anticipated, which may reduce heating demand and bring down natural gas prices.
Outlook:  
Crude Oil (December): Crude is expected to move in the range of Rs 4800-5050 during the week ahead.
 Natural Gas (November): Natural Gas is expected to move in the range of 208 -223 during the week ahead.

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Weekly Commodity Report and Technical Tends from 22 -26 Oct. 2012

MCX GOLD Technical Trend
MCX GOLD last week showed upward trend it moves in a downward channel pattern and faced strong resistance of upper band of channel, now if it able to break resistance of 31520 than we expect bull trend in it towards the level of 31750. On other hand if it breaks psychological support of 31000 than it may find next support around 30750.

Strategy
Better strategy in MCX GOLD is to buy above 31520 for the target of 31750-32000 with stop loss of 31000.

MCX SILVER Technical Trend
MCX SILVER last week showed down trend and moves in channel pattern on daily chart. Now 59350 is seen as immediate support for it below this it may touch lower band of channel i.e. around 58500. On higher level 61050 is act as resistance for it only above this we expect some correction in it.

Strategy
Better strategy in MCX SILVER at this point of time is to sell below 59600 for the target of 58500-58000, with stop loss of 61100.

MCX CRUDEOIL Technical Trend
Crude  oil last week broke strong resistance of 5010 but not able to closed above this and form a reversal pattern on daily charts, now if it take reversal from here than it may find strong  support around 4800 below this it is weak towards level of 4600. Correction is expected only if it able to give closing above 5010.

Strategy
Better strategy in MCX CRUDEOIL is to sell on highs, for the targets of 4800 with stop loss of 5050.

MCX Copper Technical Trend
MCX Copper last week showed sideways movement consolidates around its strong support, and form head and sholder pattern if it breaks support of 431 than it will be in weak zone towards level of 420. On higher level if it give closing above 445 than some correction is expected in it.

Strategy
Better strategy in the MCX COPPER will be sell below 432, with the stop loss of 445 for the target of 420.

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