Gold Market Overview and Strate
COMEX Gold is in an upward phase. Last week COMEX Gold sustains on higher level and closed near to its week high. In the coming week 1375$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1450 $ an ounce then above 1480 $ an ounce it can touch the level of 1500$ an ounce and if COMEX Gold sustains below 1430$ then it can slightly correct and test the level of 1410$ an ounce.
Strategy
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1450$ an ounce, then above 1480$ it can test the level of 1500$ an ounce and above 1505$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1430$ and 1410$.
Major resistance for COMEX Gold in the coming week is 1505 $ and 1535$
Major support in MCX Gold is 21150 and 20900
Major resistance in MCX Gold is 21500 and 21650
Silver Market Overview
COMEX Silver is technically strong on charts. Last week COMEX Silver broke its
psychological level of 4000$ an ounce and closed above that. For the upcoming week 3900$ and 3750$ are the crucial supports and 4150$ and 4300 $ are crucial resistance in COMEX Silver. In MCX Silver 62500 and 64500 will act as major resistance and 57500 and 54500 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 3900$ an ounce, then above 4100$ an ounce it can further go upward and can test the level of 4160$ an ounce. Trade by keeping the proper stop losses.
Crude 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 up for most part of week. If next week COMEX Copper sustains above the level of 440 then above the level of 450 Copper can test the level of 457. In MCX Copper above 450 Copper can test the level of 450 if it does not break the level of 433 on the downside.
Strategy
For the upcoming week 460 and 475 will act as major resistance and 430 and 417 will act as major supports in COMEX Copper. For MCX Copper major resistance would be 450 and 460 and supports would be found at 430 and 420.
MCX Commodities Tips
