Sunday, 9 September 2012

Buy MCX Gold Oct around Rs 31600-31650; SL Rs 31380

Angel Commodities has come out with its weekly outlook on Gold, Silver. According to the research firm, one can buy MCX Gold October between Rs 31650-31600 with a stop-loss of Rs 31380, for a target of Rs 32200.

MCX GOLD OCTOBER (CMP 31,896 / $ 1735.40)

MCX Gold October as seen in the weekly chart above has opened at 31,311 initially moved lower, but found very good support at 31,186 levels. Later prices rallied sharply breaking both the resistances towards 32,004 levels and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 31,700 31,640 levels and further below strong support is seen at 31,400-31,340 levels. Trading consistently below 31,320 levels would trigger sharp correction initially towards 30,955 then 30,881 and then finally towards the major support at 30,625 levels.

Resistance is observed in the range of 32,220-32,250 levels. Trading consistently above 32,260 levels would lead towards the strong resistance at 32,490-32,520 levels, and then finally towards the Major resistance at 33,024 levels.

MCX / Spot Gold Trading levels for the week (10.09.2012 to 14.09.2012)

Trend: Up
S1-31,700 / $ 1720 R1-32,220 / $ 1756
S2-31,400 / $ 1699 R2-32,520 / $ 1777

Recommendation: Buy MCX Gold October between 31,650-31,600, SL-31,380, Target -32,200

OR

Sell MCX Gold October between 32,500-32,520, SL-32,850, Target -31,700

MCX SILVER DECEMBER (CMP 63,890 / $ 33.65)

MCX Silver December as seen in the weekly chart above has opened at 61,061 levels initially moved lower, but found support at 60,712 levels. Later prices rallied sharply breaking both the resistances towards 64,170 levels, and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect Silver prices to find support in the range of 63,000-62,900 levels and then strong support is seen at 61,800-61,700 levels. Trading consistently below 61,700 levels would trigger correction initially towards 60,940 levels and then finally towards the major support at 59,500 levels.

Resistance is now observed in the range of 65,200-65,250 levels and then strong resistance is seen at 66,400-66,600 levels. Multiple closing above 66,600 levels would further extend the current rally initially towards 70,000 levels and then finally towards the major Resistance at 71,034 levels.

MCX / Spot Silver Trading levels for the week (10.09.12 to 14.09.12)

Trend: Up
S1-62,970 / $ 32.95 R1-65,200 / $ 34.40
S2-61,700 / $ 32.18 R2-66,400 / $ 35.18

Recommendation: Buy MCX Silver December between 63,000-62,900, SL-61,600, Target -65,200/66,400.
OR

Sell MCX Silver December between 66,400-66,500, SL-67,501, Target -63,450.

3 comments:

  1. I really appreciate your post and you explain each and every point very well. The content is amazing, keep posting friend it will be very helpful for everyone .You made some good points. Thanks for it. Regards withMCX Tips

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  3. Thanks for the informative post about mcx live gold price. Analyze first and after that take any decision in this direction.

    ReplyDelete