Gold eased last week, in conjunction with other falling metals as dollar gained momentum against a basket of currencies and as investors took opportunity to book profits. The yellow metal also retreated from its seven month high level prices on renewed concerns about euro zone.
Overall trend of MCX Gold futures is bullish but last week it witnessed a slight profit booking at higher levels.
For the coming week Rs 32300 will act as a major resistance level and Rs 30700 will act as a major support level in MCX Gold Dec. futures. For the next week traders can use sell on higher level strategy, if MCX Gold December futures sustains below 31530 then it could test the levels 31220 / 30950 .
Silver is trading near 34.713 as precious metals and industrial metals soared on reports that China may implement further easing to foster more economic growth in the country.
Overall trend of MCX Silver futures is bullish but last week it was unable to sustain at higher levels. For the coming week 65000 will act as a major resistance level and 60900 will act as a major support level in MCX Silver Dec. futures. For the next week traders can use sell on higher level strategy, if MCX Silver December futures sustains below 62000 then it could test the levels 60950/ 60120 .
Crude prices slid further despite report of a surprise decline in US oil inventories as worries about fuel demand and Europe's debt crisis weighed on prices. Later in the week Crude oil prices rebound on Iran worries and reduced US stockpiles.
Technically MCX Crude oil is in consolidation and looking strong on charts. But, last week , MCX Crude Oil October futures traded downward for the entire week. For the coming week 4790 and 4700 will act as major supports levels whereas 4990 & 5070 will act as major resistance in MCX Crude oil October futures. For the next week traders can use buy on lower level strategy. If MCX Crude oil October futures sustains above the level of 4975 then it could test the level of 5070/ 5180
Copper futures have declined on MCX tailing weak global cues as the commodity was under pressure due to report of decline in industrial profits of China which accounts for around 40 percent of global metals demand. Also, the weak demand has led to surge in the Copper stockpiles at the London Metal Exchange (LME).
Overall trend of MCX Copper futures is bullish. But last week Copper futures was showing mixed trend. For the coming week 430 and 423 will act as major supports whereas 449 and 455 will act as major resistances in MCX Copper Nov. futures. For the next week in MCX Copper, traders can use buy on lower level strategy and if it sustains above the level of 445 then it could test the levels of 449 / 455.