Social Icons

Saturday, April 2, 2011

MCX Commodities Technical Analysis For 4 th To 9 th April

Gold Market Overview
COMEX Gold is in an upward phase. Last week COMEX Gold neither sustain on higher level nor at lower level. In the coming week 1375$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1441$ an ounce then above 1450 $ an ounce it can touch the level of 1470$ an ounce and if COMEX Gold sustains below 1390$ then it can slightly
correct and test the level of 1370$ an ounce.
Strategy
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above
1441$ an ounce, then above 1450$ it can test the level of 1470$ an ounce and above
1470$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1370$ and 1340$.
Major resistance for COMEX Gold in the coming week is 1450$ and 1475$
Major support in MCX Gold is 20450 and 20150
Major resistance in MCX Gold is 21200 and 21450

Silver Market Overview
COMEX Silver is technically strong on charts. Last week COMEX Silver break the level of 3670$ and made a weekly close above that. For the upcoming week 3550$ and 3350$ are the crucial supports and 3800$ and 3920 $ are crucial resistance in COMEX Silver. In MCX Silver 57000 and 58500 will act as major resistance and 53500 and 51000 will act as major supports.
Strategy
Technically COMEX Silver is strong on charts, For the next week traders can use buy on lower level strategy if Silver sustains above the level of 3700$ an ounce, then above 3800$ an ounce it can further go upward and can test the level of 3850$ an ounce. Trade by keeping the proper stop losses.
Market Overview
NYMEX Crude is in upward phase. Last week in Crude oil broke its level of 107 and made a close near to its week high. For the coming week 96$ will act as major support and 108.30 $ a barrel will be a major resistance. In MCX Crude Oil major resistance is found at 4875 and 4950 and major supports will be 4600 and 4500.
Strategy
For the next week traders can use buy on lower level strategy, if NYMEX Crude sustains above the level of 100 $ a barrel then above 108.50 $ it can slightly come up and touch the level of 109.20 $ a barrel and in MCX above 4835 Crude oil can touch the level of 4900 if it sustains above 4700. Trade by keeping the proper stop loss.
Copper Market Overview
Copper is in an upward consolidation phase and traders should use the strategy of buy on lower levels. Last week COMEX Copper was down for most part of week. If next week COMEX Copper sustains above the level of 417 then above the level of 431 Copper can test the level of 437. In MCX Copper above 426 Copper can test the level of 433 if it does not break the level of 410 on the downside.
Strategy
For the upcoming week 450 and 460 will act as major resistance and 417 and 405 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 440 and 450 and supports would be found at 410 and 400. 
Natural Gas Market Overview
Natural Gas is in a consolidation phase and traders should use the strategy of buying on lower levels. Last week Natural Gas neither sustain on higher level nor at lower level. If next week Natural Gas sustains below the level of 4.300$ then below the level of 4.200$ Natural Gas can test the level of 4.110 $ and above 4.500$ Natural Gas can slightly go up and test the level of 4.610$. In MCX, if Natural Gas sustains below190 in the coming week then it can test the level of 184, if it does not break the level of 201 on the downside.
Strategy
For the upcoming week 3.650$ and 3.200 $ will act as major supports and 4.880$ and 5.200$ will act as major resistance in US Natural Gas. For MCX Natural Gas major resistance would be 207 and 220, supports would be found at 175 and 165.

MCX Tips Read More

MCX Free Intraday Tips 

MCX Market Fundamental Overview

Fundamental Market Overview
PRECIOUS-GOLD SLIPS ON U.S. JOBS DATA, FED EYED
Gold slipped on Friday as an encouraging U.S. jobs report boosted the dollar, though euro zone debt worries and unrest in the Middle East lifted bullion off lows. Positive nonfarm payrolls and manufacturing data confirmed a strengthening U.S. economy, but economists said the news was not enough to push the Federal Reserve away from an ultra-easy monetary stance that has helped Gold hit record highs. Spot Gold dropped 0.6 percent to $1,428.20 an ounce, sharply off its low at $1,412.55 hit earlier in the session. Bullion has risen about 0.5 percent this week for its second consecutive weekly gain. It hit a record $1,447.40 an ounce last week. U.S. Gold futures for June delivery settled down 0.8 percent at $1,428.90, with COMEX trading volume slightly below its 30-day average after strong turnover earlier this week partly due to contract rollover.

Gold recorded a 10th consecutive quarter of gains in the first three months of 2011, but it was the smallest rise since the financial crisis gripped markets in late 2008. A successful debt sale by Portugal on Friday did little to cull expectations it will soon join the euro zone bailout list, while Ireland's credit rating was cut after bank stress tests revealed another black hole. Despite a rally in energy prices, stagnant growth in wages does not bode well for Gold's inflation-hedge appeal, said Peter Buchanan, senior economist at CIBC World Markets.

HAWKISH FED COMMENTS, ECB IN FOCUS Even as most economists agree the Fed will not tighten monetary policy in the short term, recent hawkish comments by top Fed officials are weighing on bullion investor sentiment. Jeffrey Lacker, Richmond Fed president, said the U.S. central bank could raise interest rates by the end of the year to curb rising inflation. Gold tends to suffer when rates climb, as the opportunity cost of holding non-yielding assets increases.

Investment products such as Gold-backed exchange-traded funds saw less interest, with the No. 1 SPDR Gold Trust reporting its biggest ever quarterly outflow in the first quarter. U.S. Mint data showed Gold American Eagles sales were the strongest in the first quarter since the end of 2009, and quarterly sales of silver American Eagle coins rose to a record in the same period.

NYMEX-CRUDE JUMPS TO END AT HIGHEST SINCE 2008 U.S. Crude oil futures prices jumped more than 1 percent to its highest close in 2-1/2-years as supportive U.S. jobs data reinforced economic growth expectations and as Libya's conflict and Middle East unrest kept investors wary of threats to supply. U.S. nonfarm payrolls registered solid growth for a second month in March and the jobless rate hit a two-year low of 8.8 percent, helping fuel optimism about oil demand. Geopolitical supply risks also had oil traders wary, as Libya's conflict and Middle East unrest persist.
FUNDAMENTALS
On the New York Mercantile Exchange, May Crude raised $1.22, or 1.14 percent, to settle at $107.94 a barrel, highest close since ending at $108.02 on Sept. 25, 2008. The low was $106.30. Prices hit $108.47 in post-settlement trading, highest intraday price since $108.67, on Sept. 25, 2008. NYMEX Crude ended with a weekly gain of $2.54. Money managers raised their net-long Crude oil futures and options positions on the NYMEX in the week to March 29, the Commodity Futures Trading Commission said.
UPCOMING DATA/EVENTS
American Petroleum Institute oil inventory data at 4:30 p.m. EDT on Tuesday.
COPPER ENDS DOWN AMID EXTENDED CHINESE DEMAND LULL Copper ended lower on Friday, building upon the 2.4-percent loss recorded in the first quarter, as a lull in Chinese buying and a rising trend in inventories continued to reflect near-term demand weakness. Copper's losses at the start of the new quarter bucked the firmer tone in U.S. equities, which raced to their highest level since June 2008 after data showed a second straight month of solid gains in jobs and a slight drop in unemployment, which stood at two-year lows. Without an aggressive Chinese market presence, Copper's shorter-term prospects remained bleak. London Metal Exchange (LME) three-month Copper was untraded at the close and last bid at $9,359 a tonne versus Thursday's close at $9,430. COMEX May Copper shed 4.90 cents to settle at $4.2585 per lb. overnight, traders were met with Chinese purchasing managers' indices data, which showed a moderation in growth in the country's manufacturing sector. U.S. data later in the day showed manufacturing grew at a marginally slower pace in March as well, while construction spending fell to its lowest level since October 1999. Even as the upbeat U.S. jobs data signaled a decisive shift in the struggling labor market, it failed to alter investors' weary perception of Copper demand. Instead, investors have been focusing on the hefty supply builds in Chinese and London warehouses.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 6 percent from last Friday, the exchange said. LME Copper stocks fell by 1,000 tonnes on Thursday to 438,850 tonnes. Despite the withdrawal, inventories remain near their highest in eight months, having been on a steady climb since December.
Read More:-
MCX Bullion,Basemetals,Crude,Natural Gas Trading FREE Tips


Crude oil Again on upper levels


Crude oil is being witnessed more trading again. Crude oil has reached the upper levels of 2.5 years. Crude oil currently has close at108 dollars a barrel. While Brent crude close to $ 119.
U.S. unemployment figures better than expected demand for crude oil is estimated to grow. With the ongoing political crisis in the Gulf oil supplies for fear of affecting the crude oil has accelerated.

MCX Free Commodities Tips and report


 
Customers 4.9out of 5.0 based on 33045 user ratings