Gold will have a resistance at Rs 27,740: Rajesh V

Commentary

oi-Shoaib

By Rajesh V

Published: Friday, September 16, 2011, 9:49 [IST]

With a very volatile stock market, it is imperative that commodities should be tracked closely. Rajesh V shares his views on gold, silver and copper.

Gold – Oct:

Gold have strong resistance at Rs 27,740 levels, trading below this level will be weak indications then gold may test Rs 26,100 in coming days. watch these levels on close base.

For intraday - gold have to trade above Rs 27,620 levels, above this we can expect Rs 27,760 levels. The price should hold above yesterday's low (i.e. Rs 27,384) is important, if breaks then the next level will be Rs 27,280 / 27,180.

Silver – Dec:

The levels of Rs 62,765 have support for silver; close below this may test Rs 61,000 / 58000 and resistance at Rs 64,450 levels – watch these levels on close base.

For intraday – silver have to trade above Rs 63,400 levels for bulls" hope. above this level silver can go up to Rs 63,800 & Rs 64450. and downside levels are Rs 62,890 / 62,480 / 62,150.

Copper – Nov:

Copper orb (open range break out) levels – Rs 416.40 / 419.80, breaking either side will give trend for the day; if it opens & trades above Rs 417.40 then it will be positive for copper.

Supports – Rs 416.40 / 414.85 / 412.30
Resistances – Rs 419.80 / 421.40 / 423.90

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in broking industry. He is a contributing writer for www.goodreturns.in. You can contact him at rajeshvravanappan (at) gmail (dot) com

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