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