Bullion Metals Technical Support Resistance Today|Commodity Market Updates

Globally we see a downtrend in commodity market. Gold at Comex is trading at 1750 at 1764. US dollar index trading at 80 now at 80.19.NYMEX crude trading above 90 now at 91.70.Dow future trading with 29 points down.

Gold December closed at 31312. On downside 31250 remains support for the day. A decline below this level would take the prices to 31100 levels. 31450-31500 would continue to act as resistance levels.

Copper November closed at 438.80. Copper prices continue to trade sideways, a decline below the support of 436 levels would drift prices lower towards 432.00 levels. 443 would act as resistance for the day.

MCX Gold Silver Technical Analysis & Profit Making Techniques

Spot gold declined to the lowest in more than a week against the stronger dollar. Precious metals are trading marginally higher on COMEX today. We expect prices to trade higher for the day. Gold prices are  expected to trade positive and to trade higher.

Gold Dec Sup3-30040 Sup2-31150 Sup1-31280 Res1-31360 Res2-31450 Res3-31540

Silver futures prices also fell at the International commodity market on the back of weak Asian equities. Euro is likely to remain on down trend. Silver is likely to stay weak for the day. It is recommendeed to stay short for the day from higher levels.

Silver Dec Sup3-60650 Sup2-61000 Sup1-61400 Res1-61800 Res2-62250 Res3-62650

MCX Silver Tips for The Week

COMEX Silver turned technically bullish on charts after breaking the consolidation of eight weeks.
Last week COMEX Silver was given break out above the level of $28.40 and gave closing above
major level of $30.10.


Technically COMEX Silver is consolidating on charts. For the next week traders can buy on lower level strategy. If Silver sustains above the level of $30.00 an ounce, then above $30.80 COMEX Silver can test the level of $31.20/$31.70/$32.20 an ounce.

MCX, Silver needs to sustains above 56100 to maintain the bullish trend. Above 57600 it can test the level of 58100/58600/59200, Trade by keeping the proper stop losses.

MCX Gold Silver Tips for Today

MCX Gold and Silver commodities started off the day with significant gain.

Despite the rupee getting strong against dollar, mcx gold futures has made a new record. October futures on MCX gold has reached a new record of 30699 rupees.

Silver, with a gain of nearly 1000 rupees (1.75%) trading around 56300 level while Gold is up nearly 1% and trading above 30600 level.

This bullish trend in bullion metals is likely to remain for the day and we can see some more upside levels in these metals.

Gold Silver Tips, MCX Crude Trend Today

Despite the decline in the international market, gold – silver metals with crude have been string today. In-fact prolonged trading at lower levels and continues ups and downs in the prices is seems to be over now and we can see some major movement in the market.
MCX Gold is expected to trade higher and we can see Gold to trade above 30000 level today. Silver can be an intraday pick above 53350 level and one can go for the targets of 53600-53750 level.

MCX Crude oil is also trading up 0.30% and prices are expected to trade above 5100 level. Day traders can initial long positions above the same for the targets of 5150-5170 level.

Commodity Tips: Gold Silver Trend and Crude Updates for Today

Gold Silver Trend

Weak trading in gold and silver is being seen today. Wth gold at Rs 29660 up by only 0.18 and at a slight fall to trade at Rs 53158, precious metals are trading sluggish in MCX. Declining trend in the international market is also being seen in gold and silver which has checked the momentum in domestic market also.

MCX Gold Silver Tips-

Buy Gold around 29750 levels with a stop loss placed below 29200 levels for targets of 30000-30200  levels.

Buy Silver on dips around 53000 level, target- 53200-53500 SL- 52750.

MCX Crude Oil News

Crude oil trend in the domestic market is weak. It has come down below 5000 and trading near 4980 level. However The U.S. Fed has assured that if weakness in the economy is seen , it will take appropriate steps to recover the same. This statement of federal reserve may support the falling prices. Technically Buying is recommended only above 5000 level.

MCX Crude and Copper Trend for Today

Yesterday Crude oil prices closed lower ahead of  U.S. Federal Reserve's statement today. Crude settled nearly 2% lower on NYMEX. Today MCX crude made an negative opening and now prices are trading near the support level of 4900 level. Breaching the same may extend the bearishness in the market.

Base metals are down today.MCX copper is heading towards its immediate support level of 40.50 below which it may slip to 418. Major downside is expected below 416. A trade above 424 may bring back the bullish momentum,

Bullion Trend: MCX Silver Tips, Gold Trend Today

Bullion commodities may see some upside today. After initial decline seen in international market, Comex Gold and Silver have started gripping the positiveness again. As an result, ,MCX silver is trading up in domestic market. However recovery in COMEX futures is not helping gold prices on MCX and Gold is trading down slightly as the rupee appreciated more than 1% against the US dollar.

Day traders can initiate buy above 53300 for the targets of 53500-53650 levels. If Silver breaches 53750 today, we can expect a rally towards 54000-54500. A direct fall below 53200 may cause decline down to 53000 again.

Commodity Tips for Today-

Buy Gold above 53300 TG-53500-53650

Buy Copper Above 421.20 TG-424.00 Stoploss- 418.70