India has witnessed a sharp fall in import of gold due to rise in import duty to 4% and rise in prices denting demand for the yellow metal. Although India's production of gold and diamonds have witnessed two-digit growth, it is far too short of meeting actual demand.
Technically MCX Gold is in bullish trend and consolidating around higher levels. For the coming week 32400 will be a major resistance level and 30430 will act as a major support level in MCX Gold Dec. futures. Last week MCX Gold Dec. future was sustaining near 31300 levels.
So for the next week traders can use buy on lower level strategy, if MCX Gold Dec.futures sustains above 31400 then it could test the levels 31900 / 32250.
Technically MCX Silver is in bearish trend and also sustaining around 60300 levels. Last week MCX Silver Dec. futures was sideways around lower levels. For the coming week 63100 is the major resistance levels whereas 58500 is a major support in MCX Silver Dec. futures. For the next week traders can use sell on higher level strategy, if Silver Dec. futures sustains below 60300 then it could test the levels of 59800/ 58900.
Oil prices fell last week on the approaching restart of a North Sea oil field and weak U.S.jobless claims data, but with losses pared after news a pipeline carrying Canadian crude oil to the United States had shut.
Overall trend of MCX Crude oil futures is bullish and also sustaining on higher levels. For the coming week 5195 is the major resistance level whereas 4801 is the major support in MCX Crude oil future. For the next week traders can make buy position on lower levels, if Crude oil future sustains above 5010 then it could test the levels of 5090/5150.
Copper smelters are seeking to increase treatment and refining charges (TC/RC) for 2013 raw material concentrate term imports by about a quarter from this year after they received higher charges for spot deals this week. copper on the London Metal Exchange had risen 0.1 percent to $8,230.50 per tonne as of 0127 GMT,after rising 1.2 percent on Wednesday.
Technically MCX Copper future is also in bullish trend and it was also sustaining on higher levels. So for the coming week it could face major resistance of 449.4 levels whereas 431could be a major support level in MCX Copper. For the next week traders can use buy on lower level strategy, if Copper future sustains above 442 then it could test the levels of 445/448.