MCX Commodity Tips For 16th Jan 2013

Bullion:

MCX Gold seems positive for the day. Support expected around 30820 & 30720;
intraday resistance can be seen near 30950 & 31060. Day traders are
advised to buy around 30820 with SL 30720, for the target of 30950 & 31060.

MCX Silver seems slightly positive for the day. Support expected around 59200  &58700; intraday resistance can be seen near 59700 &  60200. Day traders are
advised to buy around 59200  with SL 58700, for the target of 59700 & 60200.

Energy:

MCX Natural Gas seems negative the day. Support expected around 187 & 184 intraday resistance can be seen near 191 & 194. Day traders are advised to buy around 187 with SL 184 for the target of 191 & 194.

MCX Crude oil seems positive for the day. Support expected around 5105 & 5045; intraday resistance can be seen near 5160 & 5210. Day traders are advised to buy around 5105 with SL 5045, for the target of 5160 & 5210.

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MCX Commodity Tips For 15th Jan 2013

Bullion:

MCX Gold seems negative for the day. Support expected around 30640 & 30520;
intraday resistance can be seen near 30820 & 30940. Day traders are
advised to sell around 30820 with SL 30940, for the target of 30640 & 30520.

MCX Silver seems slightly positive for the day. Support expected around 58300  &57700; intraday resistance can be seen near 58900 &  59500. Day traders are
advised to buy around 58300  with SL 57700, for the target of 58900 & 59500.

Base Metals:

MCX Copper seems to be negative for the day. Support expected
around 438 & 435; intraday resistance can be seen near 443 & 446. Day
traders are advised to sell around 443 with SL 446, for the target of 435 &
435.

MCX Lead seems negative for the day. Support expected around 124.20,
123.10, intraday resistance can be seen near 125.90 & 126.90 Day traders
are advised to Sell around 125.90 with SL 126.90 for the target of 124.20
& 123.10

MCX Nickel seems to be negative for the day. Support expected around 938,
928,intraday resistance can be seen near 951 & 962. Day traders are advised to sell around 951 with SL 962 for the target of 938 & 928.

MCX Aluminium seems to be negative for the day. Support expected around 110.80,109.70 intraday resistance can be seen near 112.50 & 113.60 Day traders are advised to Sell around 112.50 with SL 113.60 for the target of  110.80 & 109.70

Energy:

MCX Natural Gas seems negative the day. Support expected around 182.5 & 179 intraday resistance can be seen near 186 & 189. Day traders are advised to buy around 182.50 with SL 179 for the target of 186 & 189.

MCX Crude oil seems positive for the day. Support expected around 5070 & 5020; intraday resistance can be seen near 5120 & 5170. Day traders are advised to sell around 5120 with SL 5170, for the target of 5070 & 5020.

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MCX Commodity Tips For 14th Jan 2013

MCX Gold seems negative for the day. Support expected around 30640 & 30520;
intraday resistance can be seen near 30820 & 30940. Day traders are
advised to sell around 30820 with SL 30940, for the target of 30640 & 30520.

MCX Silver seems negative for the day. Support expected around 57500  &
57000; intraday resistance can be seen near 58300 &  58800. Day traders are
advised to sell around 58300  with SL 58800, for the target of 57500 & 57000.

MCX Copper seems to be slightly positive for the day. Support expected
around 444 & 441; intraday resistance can be seen near 448 & 451. Day
traders are advised to buy around 448 with SL 451, for the target of 444 &
441.

MCX Lead seems negative for the day. Support expected around 125.20,
124.10, intraday resistance can be seen near 126.90 & 127.90 Day traders
are advised to Sell around 126.90 with SL 127.90 for the target of 125.20
& 124.10

MCX Nickel seems to be negative for the day. Support expected around 951,
 942,intraday resistance can be seen near 970 & 980. Day traders are
advised to sell around 951 with SL 942 for the target of 970 & 980.

MCX Aluminium seems to be negative for the day. Support expected around
113.60,112.50, intraday resistance can be seen near 115.10 & 116.20 Day
traders areadvised to Sell around 113.60 with SL 112.50 for the target
of 115.10 &116.20

MCX Natural Gas seems negative the day. Support expected around 178 & 175
intraday resistance can be seen near 183 & 186. Day traders are advised to
sell around 178 with SL 175 for the target of 183 & 186.

MCX Crude oil seems positive for the day. Support expected around 5070 &
5020; intraday resistance can be seen near 5150 & 5200. Day traders are
advised to buy around 5070 with SL 5020, for the target of 5150 & 5200.

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MCX Commodity Tips for 10th Jan 2013

Bullion :

MCX Gold seems negative for the day. Support expected around 30720 & 30610; intraday resistance can be seen near 30860 & 30970. Day traders are advised to sell around 30860 with SL 31970, for the target of 30720 & 30610

MCX Silver seems negative for the day. Support expected around 57500 & 57000; intraday resistance can be seen near 58100 & 58600. Day traders are advised to sell around 58100 with SL 58600, for the target of 57550 & 57000.

Base Metal:

MCX Copper seems to be slightly positive for the day. Support expected around 446 & 443; intraday resistance can be seen near 450 & 453. Day traders are advised to buy around 446 with SL 443, for the target of 450 & 453.

MCX Lead seems negative for the day. Support expected around 126.20, 125.10, intraday resistance can be seen near 127.80 & 128.90 Day traders are advised to Sell around 127.80 with SL 128.90 for the target of 126.20 & 125.10

MCX Nickel seems to be positive for the day. Support expected around 954, 946, intraday resistance can be seen near 969 & 980. Day traders are advised to sell around 954 with SL 946 for the target of 969 & 980.

MCX Alluminium seems to be negative for the day. Support expected around 112.60, 111.50, intraday resistance can be seen near 114.80 & 115.50 Day traders are advised to Sell around 112.60 with SL 111.50 for the target of 114.40 & 115.50

Energy :

MCX Natural Gas seems negative the day. Support expected around 169 & 166 intraday resistance can be seen near 174 & 177. Day traders are advised to sell around 174 with SL 177 for the target of 169 & 166.

MCX Crude oil seems positive for the day. Support expected around 5070 & 5020; intraday resistance can be seen near 5140 & 5190. Day traders are advised to buy around 5070 with SL 5020, for the target of 5140 & 5190.

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MCX Commodity News for 9th Jan 2013

Bullion :

MCX Gold seems negative for the day. Support expected around 30865 & 30760; intraday resistance can be seen near 30990 & 31090. Day traders are advised to sell around 30990 with SL 31090, for the target of 30865 & 30760

MCX Silver seems negative for the day. Support expected around 58000 & 57500; intraday resistance can be seen near 58200 & 58700. Day traders are advised to sell around 58650 with SL 59200, for the target of 58000 & 57500.

Base Metal : 

MCX Copper seems to be slightly positive for the day. Support expected around 448 & 445; intraday resistance can be seen near 452 & 456. Day traders are advised to buy around 448 with SL 445, for the target of 452 & 456.

MCX Lead seems negative for the day. Support expected around 126.20, 125.40, intraday resistance can be seen near 128 & 129 Day traders are advised to sell around 128 with SL 129 for the target of 126.50 & 125.40

MCX Nickel seems to be negative for the day. Support expected around 948, 936, intraday resistance can be seen near 964 & 975. Day traders are advised to sell around 964 with SL 975 for the target of 948 & 936.

MCX Aluminium seems to be negative for the day. Support expected around 111.90, 110.80, intraday resistance can be seen near 113.80 & 115 Day traders are advised to Sell around 113.80 with SL 115 for the target of 111.90 & 110.80

Energy:

MCX Natural Gas seems negative the day. Support expected around 178 & 175 intraday resistance can be seen near 181 & 184. Day traders are advised to sell around 181with SL 184 for the target of 178 & 175.

MCX Crude oil seems positive for the day. Support expected around 5105 & 5050; intraday resistance can be seen near 5170 & 5220. Day traders are advised to buy around 5105 with SL 5050, for the target of 5170 & 5220.

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MCX Commodity Calls for Intraday 8th Jan. 2013

Bullion:

MCX Gold seems negative for the day. Support expected around 30840 & 30750; intraday resistance can be seen near 30950 & 31060. Day traders are advised to sell around 30950 with SL 31060, for the target of 30840 & 30750

MCX Silver seems negative for the day. Support expected around 57750 & 57200; intraday resistance can be seen near 58200 & 58700. Day traders are advised to sell around 58200 with SL 58700, for the target of 57750 & 57200.)

Base Metal :

MCX Copper seems to be slightly positive for the day. Support expected around 448 & 445; intraday resistance can be seen near 452 & 456. Day traders are advised to buy around 448 with SL 445, for the target of 452 & 456.)

MCX Lead seems negative for the day. Support expected around 126.20, 125.10, intraday resistance can be seen near 127.50 & 128.70 Day traders are advised to Sell around 127.50 with SL 128.70 for the target of 126.20 & 125.10)

MCX Nickel seems to be negative for the day. Support expected around 946, 935, intraday resistance can be seen near 964 & 975. Day traders are advised to sell around 964 with SL 975 for the target of 946 & 935.)

MCX Aluminium seems to be negative for the day. Support expected around 111.90, 110.80, intraday resistance can be seen near 113.80 & 115 Day traders are advised to Sell around 113.80 with SL 115 for the target of 111.90 & 110.80)

Energy:

MCX Natural Gas seems negative the day. Support expected around 178 & 175 intraday resistance can be seen near 182 & 185. Day traders are advised to sell around 182 with SL 185 for the target of 178 & 175.)

MCX Crude oil seems positive for the day. Support expected around 5050 & 5000; intraday resistance can be seen near 5120 & 5170. Day traders are advised to buy around 5050 with SL 5000, for the target of 5120 & 5170.)

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Commodity Intraday Tips for 7th Jan. 13

Bullion :
MCX Gold looking negative for the day. Market support near 30720 & 30620; intraday resistance near 30840 & 30940. Day traders are advised to sell intraday on rise. (Sell around 30840 with SL 30940, for the target of 30720 & 30620.)

MCX Silver negative for the day. Market support near 56800 & 56300; intraday resistance near 57700 & 58200. Day traders are advised to sell intraday on rise. (Sell around 57700 with SL 58200, for the target of 56800 & 56200.)

Energy :
MCX Natural Gas slightly looking negative the day. Market may find support near 178 & 175 intraday resistance near 182 & 185. Day traders are advised to sell intraday on rise. (Sell around 182 with SL 185 for the target of 178 & 175.)

MCX Crude oil  looking positive for the day. Market may find support near 5050 & 5000; intraday resistance near 5120 & 5170. Day traders are advised to buy intraday on dips. (Buy around 5050 with SL 5000, for the target of 5120 & 5170.)

Base metal :
MCX Copper looking slightly positive for the day. Market may find support near 448 & 445; intraday resistance near 452 & 456. Day traders are advised to buy intraday on dips. (Buy around 448 with SL 445, for the target of 452 & 456.)

MCX Lead looking negative for the day. Market may find support near 127.40, 126.20, intraday resistance near 129.50 & 130.70  (Sell around 129.50 with SL 130.70 for the target of 127.40 & 126.20)

MCX Nickel  slightly positive for the day. Market support near 951, 942, intraday resistance near 964 & 975. Day traders are advised to buy intraday on dips. (Buy around 951 with SL 942 for the target of 964 & 975.)

MCX Aluminium negative for the day. Market may find support near 111.90, 110.80, intraday resistance near 113.80 & 115 (Sell around 113.80 with SL 115 for the target of 111.90 & 110.80)

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MCX Tips for Intraday Trading 4th Jan 2012

Bullion :

MCX Gold Contract is looking positive for the day. Market may find support near 30940 & 30830; intraday resistance can be seen near 31070 & 31180. Day traders are advised to buy intraday on dips. (Buy around 30940 with SL 30830, for the target of 31070 & 31180.)

MCX Silver Contract is looking positive for the day. Market may find support near 58600 & 58100; intraday resistance can be seen near 59100 & 59600. Day traders are advised to buy intraday on dips. (Buy around 58600 with SL 58100, for the target of 59100 & 59600.)

Base Metal :

MCX Copper February contract is looking slightly positive for the day. Market may find support near 448 & 445; intraday resistance can be seen near 452 & 456. Day traders are advised to buy intraday on dips. (Buy around 448 with SL 445, for the target of 452 & 456.)

MCX Lead  contract is looking slightly positive for the day. Market may find support near 128.90, 127.70, intraday resistance can be seen near 130.90 & 132.10 Day traders are advised to buy intraday on dips. (Buy around 128.90 with SL 127.70 for the target of 130.90 & 132.10)

MCX Nickel  contract is looking slightly positive for the day. Market may find support near 951, 942, intraday resistance can be seen near 964 & 975. Day traders are advised to buy intraday on dips. (Buy around 951 with SL 942 for the target of 964 & 975.)

MCX Aluminium contract is looking slightly positive for the day. Market may find support near 113.90, 112.80, intraday resistance can be seen near 115.60 & 116.80 Day traders are advised to buy intraday on dips. (Buy around 113.90 with SL 112.80 for the target of 115.60 & 116.80)

Energy :

MCX Natural Gas contract is looking negative the day. Market may find support near 173 & 170 intraday resistance can be seen near 178 & 181. Day traders are advised to sell intraday on rise. (Sell around 178 with SL 181 for the target of 173 & 170.)

MCX Crude oil  contract is looking positive for the day. Market may find support near 5050 & 5000; intraday resistance can be seen near 5110 & 5160. Day traders are advised to buy intraday on dips. (Buy around 5050 with SL 5000, for the target of 5110 & 5160.)

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Commodity News for the day 3rd. Jan 2012

Gold traded near a two-week high as expectations that policy makers around the world will continue to support their economies increased demand for a store of value. Silver climbed as investors boosted holdings to a record.

Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, stood at 1349.92 tonnes by Jan 02, down by 0.60 tonnes from the previous business day.

Holdings in the world's largest silver backed exchange-traded fund iShares Silver Trust stood at 10084.96 tonnes by Jan 02, remains unchanged from the previous business day.

Farmers are flocking to jewellery shops to buy gold, boosting rural demand that accounts for about 70% of the precious metal sold in India and starting 2013 on a glittering note for the bullion trade after a slump last year.

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MCX tips and Upadates for 2nd Jan. 2013

Bullion : 
Gold prices are expected to trade within a range from Rs 30950 to Rs 30650, one can remain caution in long position as selling pressure is expected at higher end around Rs 30950-31000.

Silver prices are expected to trade within the range from 57600 to 58400. One can trade within the range.

Base Metal :

Copper prices are expected to open positive and test 448 -450 on higher end one can enter long at 443 with a stop loss below 440.

Nickel prices are expected to trade within a range from 940 to 960. One can buy around 945 with a stop loss below 935.

Lead prices are expected to trade positive one can long around 127 with a stop loss below 126 prices are expected to test 128.80 129.50.

Energy :

Crude price are expected to remain positive as holding 4950 on lower end we expected prices to test 5080 -5100 on upside. One can buy around 5050 with a stop loss below 5010.

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MCX Tips For The Last Day of 2012

Bullion: 

MCX Gold Contract is looking negative for the day. Market may find support near 31580 & 30480; intraday resistance can be seen near 30730 & 30840. Day traders are advised to sell intraday on rise. (Sell around 30730 with SL 30840, for the target of 30580 & 30480.)

   MCX Silver  Contract is looking negative for the day. Market may find support near 57200 & 56700; intraday resistance can be seen near 57700 & 58200. Day traders are advised to sell intraday on rise. (Sell around 57700 with SL 58200, for the target of 57200 & 56700.)

Base Metal :

MCX Copper  contract is looking positive for the day. Market may find support near 437 & 434; intraday resistance can be seen near 441 & 44. Day traders are advised to buy intraday on dips. (Buy around 437 with SL 432, for the target of 441 & 444.)

MCX Lead  contract is looking negative for the day. Market may find support near 126.50, 125.40, intraday resistance can be seen near 127.90 & 128.80 Day traders are advised to sell intraday on rise. (Sell around 127.90 with SL 128.80 for the target of 126.50 & 125.40)

MCX Nickel contract is looking slightly negative for the day. Market may find support near 942, 934, intraday resistance can be seen near 956 & 965. Day traders are advised to sell intraday on rise. (Sell around 956 with SL 965 for the target of 942 & 934.)

MCX Aluminium contract is looking negative for the day. Market may find support near 111.90, 111, intraday resistance can be seen near 113.10 & 114. Day traders are advised to sell intraday on rise. (Sell around 113.10 with SL 114 for the target of 111.90 & 111.)

Energy: 

MCX Natural Gas  contract is looking slightly positive for the day. Market may find support near 188 & 185 intraday resistance can be seen near 193 & 196 Day traders are advised to buy intraday on dips. (Buy around 188 with SL 185 for the target of 193 & 196.)

MCX Crude oil  contract is looking positive for the day. Market may find support near 4970 & 4920; intraday resistance can be seen near 5030 & 5090. Day traders are advised to buy intraday on dips. (Buy around 4970 with SL 4920, for the target of 5030 & 5090.)

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MCX Commodity Tips for The Day : 27/12/12

Bullion: 

Gold prices are expected to trade within the range from Rs 30500 to Rs 30800. Trend for the day is likely to be sideways to down. One can initiate a sell around Rs 30700-30720.

Silver prices are expected to trade within the range from 57200 to 57900. For intraday if holds 57300 one can buy for intraday with a stop loss below 57200.

Metal:

Copper prices are expected to trade within a range from 443 to 436. One can trade within the range with a negative bias with a stop loss above 445. We expect selling pressure to around 441-442.

Nickel prices are expected to trade within a range from 940 to 962. One can buy around 950 with a stop loss below 942.

Lead prices are expected to trade within the range from 127.50 to 125 one can trade within the range with a positive bias. Fresh buying above 127.50.

Energy:

Crude price are likely to remain supportive any dip around 4950 -4940 should be a buying opportunity. One can add fresh long above 5000 on closing basis.

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MCX Tips for 24th Dec. 2012

Gold prices are likely to bounce bank to the tune of 31050 - 31150. For intra day one can buy if sustains above 30800 with a stop loss below 30740. prices are expected to witness selling pressure around the mention zone whereby recommended to exit long position.

Silver prices are expected to bounce back till 59000 - 59300 on higher side one can buy for intra day if sustains above 58400 with a stop loss below 58000.

Copper prices are expected to trade within the range from 441 to 434 one can buy around 436.50 with a stop loss below 433 for the target at 441.

Nickel prices are expected to witness a sideways move from 975 to 945 one can trade within the range. Fresh buying expected above 990.

Lead prices are expected to trade sideways from 124 to 127. one can buy around 125 with a stop loss below 123.50.

Crude prices are resisting 5000 mark on higher end one can witness selling pressure at 4950-4960 maintaining a stop loss above 5010 for the downside target at 4880 - 4860.

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MCX & Commodity News For the Weak

Industrial metals prices slipped yesterday due to uncertainty over the outlook for demand, increased by a fall in the number of U.S. house building projects being started in November, while investors also kept a close watch on budget talks in the United States.  European lead and zinc premiums were unchanged this week as prices on the London Metal Exchange remained elevated with lead prices touching a year high, market participants said. South Africa is drawing up laws to force platinum and iron ore miners to sell "small amounts" of production to local processors at a discount to diversify its economy, a top trade ministry official said on Wednesday.
Nickel and gold miner MRL Gold Philippines Inc. will invest $100 million in a nickel processing plant in Agata, Surigao del Norte in 2014. The plant, once operational, will process up to 500,000 metric tons of nickel ore to produce 7,000 metric tons of nickel annually using the cheaper atmospheric leach process. Some banks have tightened credit for imports of refined copper by China, the world's largest consumer of the metal, as stocks pile up in bonded warehouses and prices hover below London rates, reducing buying of the metal and keeping premiums low. Global stainless steel output rose 2.9 percent for the first nine months of the year compared with the same period last year, boosted by record production in the third quarter, the industry body ISSF said in a report on Tuesday

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MCX Weekly Upadates and Technical Trends - 17th dec. - 21 dec. 2012

MCX GOLD Technical Trend
MCX GOLD last week showed choppy movements from last two sessions and took reversal from 38.2% retracement and it is consolidating around trend line. Now if it gives closing below 31000 then bearish rally is expected towards the level of 30500. On other hand 31500 is seen as strong resistance for it only above this some upward movement is expected.

Strategy
Better strategy in MCX GOLD is to buy above 31500 for the targets of 31900-32400 with stop loss of 30900.

MCX SILVER Technical Trend
MCX SILVER last week showed downward movements found strong support around 61000. Now if it gives closing below this support then we expect some bearish movement in it. On daily charts it moves in a downward channel pattern and may find resistance around upper band of channel i.e. 62500 and above this breakout of channel pattern is expected.

Strategy
Better strategy in MCX SILVER at this point of time is to sell below 60950 for the target of 60000-59000, with stop loss of 62300.

MCX CRUDEOIL Technical Trend
Crude oil last week showed downward movements and got strong support of trendline i.e. around 4650 if it break this then next support is seen around 4550 below this it is too weak. On higher levels 4950 is seen as strong resistance for it closing above this may take it towards next resistance level of 5055.

Strategy
Better strategy in MCX CRUDEOIL is to sell below 4650, for the target of 4600-4550 with stop loss of 4790.

MCX Copper Technical Trend
MCX Copper last week showed sideways movement moves in an upward channel pattern and took support of 23.6% retracement i.e. 443. On lower side 443 is act as support for it below this break out of channel pattern is expected.On higher side 450.50 is act as strong resistance for it.

Strategy
Better strategy in the MCX COPPER will be buy on dips, with the stop loss of 442 for the targets of 450-455.

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MCX Tips Today for 19th Dec. 2012

BULLION :
Gold prices have witnessed a major fall after a bounce back to the resistance zone at 31500-31550. We expect selling pressure to continue sell on rise around 31150 31200 with a stop loss above 31320 for the down side target at 30850-30750. 30700 seems to be a key support below which we expect prices to witness a sell off till 29500-29000.
Silver prices are expected to trade negative till 60000-59500, one can sell on rise around 61000 61200 with a stop loss above 61550.

BASE METAL :
Copper prices are expected to trade sideways to negative within the range from 451-441. For intraday one can sell with a strict stop loss above 451.
Nickel prices expected to trade within a range from 985 to 955, one can trade within the range. Fresh buying expected above 990.
Lead prices are expected to trade positive one can buy on dips around 125.50 for the upside target at 129.

ENERGY:
Crude prices are expected to trade positive till 4940-4960 one can buy around 4880 with stop loss 4835.

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MCX Tips For 18 Dec. -Buy Gold above Rs 31600 :

BULLION:
Gold prices are expected to trade within the range from 31550 to 31300. Trend for the day is likely to be positive. However selling pressure is expected around 31500 -31550. Fresh buying recommended above 31400.
Silver prices are expected to trade within the range from 62200 to 61400. For intraday one can buy around 61600 with a stop loss below 61400.

BASE METAL:
Copper prices are expected to trade within a range from 452 to 442. One can trade within the range with a positive bias. But because of RBI's decision  it may be at 4780
Nickel prices are expected to trade within a range from 950 to 980. One can buy around 968 with a stop loss below 974.
Lead prices are holding strong we recommend to buy around 126 for short term with a stop loss below 122 for the target at 126 safety - 127.

ENERGY:
Crude price are likely to trade positive one can buy around 4775-4850 for the target at 4880-4900 with a stop loss below 4750.

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Commodity Updates and News for 29th nov. 2012

Bullion :
Gold futures declined sharply & by about $36 per ounce, on a combination of technical selling, expiration of options and futures contracts, deflationary concerns and a stronger US dollar.

Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,818.07 tons, as on Nov. 21.

Base Metal:
Copper futures declined, as investors shunned riskier assets on concerns about the details of Greece's new debt deal and lack of progress in US budget talks aimed at averting automatic tax hikes and spending cuts in January.

Energy:
Crude oil stocks fell by 347,000 barrels, Motor gasoline supplies jumped by 3.9mn barrels and Distillate stocks, comprising heating oil and diesel fuel, fell 800,000 barrels, as per EIA.

Natural gas futures declined, as forecasts for mild weather next week signaled reduced demand for the heating fuel.

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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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Commodity News Updates for 30th Oct . 2012

BULLION:
Gold prices are expected to witness a range bound move from 31200 to 30950.
One can trade with a positive bias and buy on dips around 31000 – 30950 with
a stop loss below 30900.
Silver prices are  expected to  bounce till  60000  - 60100 one can  buy
around 59350-59250 with a stop loss below 58800. Prices are expected
to  trade within a broad range from 60100 to 58800. Fresh buying is
expected above 60100 on closing basis.

METALS
Copper prices are expected to trade within the range from 416 to 426, one
can trade with a positive bias as oscillators are at the oversold zone. One can
buy around 419 with a stop loss below 415.
Nickel prices are expected to trade within the range from 850 to 890. One
can trade within the range with a positive bias maintain a stop loss below
840. Prices  are trading near the strong support zone hence buying is
recommended.
Lead prices as expected to bounce 110 – 110.50, for intraday one can buy
around 108.30 with a stop loss below 107.

ENERGY
Crude price are expected to trade within the range from 4600 to 4700,
one can trade within the range with a side ways to positive bias.

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