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Gold to see major support level at Rs 30,366: CapitalVia Global Research

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Published: Monday, November 19, 2012, 11:36 [IST]

Gold to see support at Rs 30,366: CapitalVia Global Research

Gold traded slightly lower on Friday, heading for a weekly loss of about 1 percent, as investors focused on uncertainty over global growth and worries over the so-called U.S. "fiscal cliff". Indian government has advanced import duty on gold and silver marginally to $561 per 10 grams and $1,058 per kg, respectively. Strong investment demand, higher gold prices on the back of monetary easing, rising inflation expectations and the persistence of ultra-low interest rates," are among the factors that will lure buyers to the safety of silver. Oil firmer at $108, Mideast violence escalates.

Gold futures:

Technically, MCX Gold is in bullish trend and consolidating around higher levels. For the coming week 32421 will act as a major resistance level and 30366 will act as a major support level in MCX Gold Dec. Futures. Last week MCX Gold Dec futures was in down trend. For the next week traders can use buy on lower levels strategy, if MCX Gold Dec. Futures sustains above the level of 31900 then it could test the level of 32400. And if MCX Gold Dec. Futures sustains below the level of 31200 then it could test the levels 30800 & 30500.

Silver futures:

Technically, MCX Silver is also bullish on the charts and consolidating around higher levels. For the coming week 65800 will act as major resistance levels whereas 57400 will act as major support in MCX Silver Dec. futures. Last week MCX Silver Dec. futures was sideways around higher levels. For the next week, traders can use buy on lower level strategy, if Silver Dec. futures sustains above 61600 then it can test the levels of 63325.

Copper futures:

Overall MCX Copper futures is in consolidate phase and has given sideways movement for the whole week. For the coming week, 412 and 401 will act as major supports whereas 430 and 445 will act as major resistances 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 418 then it can test the levels of 412 / 401.

Crude oil futures:

Technically MCX Crude oil is in consolidation phase and looking strong on charts. For the coming week 4600 will act as major supports levels whereas 5085 will act as major resistance in MCX Crude oil Dec. Futures. For the next week traders can use buy on lower levels strategy. If MCX Crude oil Dec. Futures sustains above the level of 4875 then it can test the level of 4965 / 5050.

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Topics: gold, silver
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