Gold to see major support level at Rs 30,650: CapitalVia Global Research

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Gold to see major support at Rs 30,650: CapitalVia Global
Technically MCX Gold is in bullish trend and consolidating around higher levels. For the coming week 32100 will act as a major resistance level and 30650 will act as a major support level in MCX Gold Dec.futures. Last week MCX Gold Dec.futures remained sideways. For the next week traders can use buy on lower level strategy, if MCX Gold December futures sustains above 31400 then it could test the levels 31750 / 32000 with strict SL of 31040.

Gold has been fluctuating between $1,760 and $1,780 so far this week. The precious metal was supported by data showing that U.S. jobless claims slid to the lowest level in more than four years, after last week's nonfarm payrolls numbers showed that the unemployment rate tumbled to a near four-year low in September.

SILVER:

MCX Silver remained in a range due to strengthen in rupee and dollar. Last week Silver has been a roller coaster ride in the commodities sector. Firmness in gold price has continued to support silver in the Indian market.Technically MCX Silver is also bullish on the charts and consolidating around higher levels. For the coming week 65000 is the major resistance levels whereas 58500 is major support in MCX Silver Dec. futures. Last week MCX Silver Dec. futures was range bound & moved between the range of 61000 & 62300. For the next week traders can use buy on lower level strategy, if Silver Dec. futures sustains above 61500 then it could test the levels of 62800/ 64900.

COPPER:

Three-month copper on the London Metal Exchange edged down 0.39 percent to $8,207 a tonne by 0106 GMT, reversing small gains seen the previous session when it rebounded after hitting its lowest in two weeks at $8,105 a tonne. Overall trend of MCX Copper futures is bearish. For the coming week 442 and 448 will act as major resistances whereas 429 and 418 will act as major supports in MCX Copper Nov. futures. For the next week in MCX Copper, traders can use sell on higher level strategy and if it sustains below the level of 431 then it could test the levels of 426 / 418.

CRUDEOIL:

Oil headed for its first weekly gain in a month in New York after claims for U.S. jobless benefits dropped to the lowest level in four years and increasing Middle East tensions prompted concern crude supplies may be disrupted. Crude oil prices reversed from Thursday's gains amid concerns over confirmation of the global oil demand growth. Brent crude had fallen 75 cents to $114.96 a barrel by 1055 GMT. U.S. crude was down 2 cents at $92.05. Technically MCX Crude oil is in consolidation phase. But last week, MCX Crude Oil October futures was sustaining at higher levels for the entire week. For the coming week 4740 and 4600 will act as major supports levels whereas 5060 & 5210 will act as major resistances in MCX Crude oil October futures. For the next week traders can use buy on lower levels strategy. If MCX Crude oil October futures sustains above the level of 4980 then it could test the level of 5090/ 5180.

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