MCX Bullion Weekly Report 13 June 18 June 2011

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Gold  Market Outlook
COMEX Gold is in an upward phase. Last week
COMEX Gold neither sustain on higher levels nor
at lower levels. In the coming week 1475$ will act
as a major support in COMEX Gold, if COMEX
Gold sustains above 1520 $ an ounce then above
1551 $ an ounce it can touch the level of 1565$ an
ounce and if COMEX Gold sustains below 1500$
then it can slightly correct and test the level of
1485$ an ounce.

Gold Trading Strategy
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1520 $ an ounce, then
above 1551$ it can test the level of 1565 $ an ounce and above 1575$ it can further move upward. Trade by keeping
the strict stop losses.
Major support for COMEX Gold in the coming week is 1500$ and 1460$.
Major resistance for COMEX Gold in the coming week is 1580$ and 1625$
Major support in MCX Gold is 22400 and 22200
Major resistance in MCX Gold is 22850 and 23050

Silver Market Outlook
COMEX Silver is technically consolidating on
charts. Last week COMEX Silver neither sustain on
higher levels nor at lower levels. For the upcoming
week 3480$ and 3250$ are the crucial supports
and 4000$ and 4250 $ are crucial resistance in
COMEX Silver. In MCX Silver 61000 and 64000 will
act as major resistance and 52000 and 50000 will
act as major supports.

Silver Trading Strategy
Technically COMEX Silver is bullish on charts and still in an upward channel, For the next week traders can use buy on
lower level strategy if Silver sustains above the level of 3600$ an ounce, then above 3790$ an ounce it can further go
upward and can test the level of 3880$ an ounce. Trade by keeping the proper stop losses.

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MCX Commodities News Letter and Tips For 13 June 2011

GOLD POSTS BIGGEST LOSS IN MONTH AS COMMODS DROP.
OIL FALLS ON MORE SAUDI CRUDE, STRONG DOLLAR.
COPPER ENDS OFF; HITS 2-WEEK LOW ON CHINA IMPORTS.
DOMESTIC OIL SEED AND EDIBLE OIL OFFER MARGINALLY UP.
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Oil falls on Saudi crude, strong dollar | Agri-commodity prices remain steady

Saudi Arabia was offering more oil to Asian customers
Oil prices fell sharply on Friday on news Saudi Arabia was offering more oil to Asian customers, with additional pressure from a stronger dollar and weak equities.Technical and Fundamental Analysis of Crude Oil

Brent's premium to U.S. crude hit a record high for a second time this week, moving above $19 a barrel, supported by sweet crude production shut in by Libya's conflict and disrupted North Sea production.

The dollar index strengthened as the euro fell across the board, and uncertainty about Greece's debt problems and a slowing U.S. economy boosted risk-averse sentiment and pressured dollar-denominated oil prices.

U.S. stocks fell, with the S&P 500 Index down more than 1 percent and the Nasdaq turning negative for the year as Wall Street resumed its pull-back on concerns about an economic slowdown.
 Agri-commodity prices remain steady
The following are the wholesale rates of various agri-commodities today (in rupees per quintal, except where stated otherwise): tur dal Rs 6,000, urad dal Rs 6,400, moong dal Rs 6,600, gram dal Rs 2950, sugar Rs 2,700, wheat Rs 1,800, maida (90 kg) Rs 1,600 and sooji (90 kg) Rs 1,800.
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Silver, gold trade up at MCX Yesterday

Gold and Silver Technical Analysis Data and Strategy>> 

MCX's Gold August future traded at Rs 22,618 gm, up Rs 29 and fluctuating between Rs 22,668-22,596/10gm.volume was 7,993 lots.

MCX gold mini most active July future traded at Rs 22,485/10 gm, up Rs 28 and fluctuated between Rs 22,526-22,454/10gm. Volume was 9,592 lots.

Most active silver July contract traded Rs 56 at Rs 55,903/kg and so far made intra-day high and low of Rs 56,280-55,710/kg so far. Volume 27,429 lots.

MCX silver mini June contract prices too traded up by Rs 59 at Rs 55,919/kg and traded between Rs 56,290-55,701/kg. Volume recorded 54,783 lots.

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