A successful Greek debt deal and a strong Euro pushed prices higher last week but it erased most of such gains in the early trading of this week. In the last week, We also saw the profit booking in the market due to higher value of the rupee against the dollar.
Over all, MCX Gold February future is range bound and also sustaining at lower levels. So for the coming week 31250/30750 will act as a major support whereas 32200/32900 will act as a major resistance level in MCX Gold February future. Lastt week MCX Gold February future was sustaining around 31800. For the next week if MCX Gold February future does not sustain below the level of 31600 then trader can buy on that levels and could test the level of 32200/ 32750.
Technically MCX Silver future is consolidate and also, sustaining around 65000 levels. Last week MCX Silver March futures was sideways around higher levels. For the coming week 66120/67500 is the major resistance levels whereas 62200 is a major support in MCX Silver March futures. For the next week traders can use buy on lower level strategy, if Silver March futures sustains above 65320 then it could test the levels of 66100 / 67450.
Base metals on the MCX, barring copper, were trading firm tracking London Metal Exchange. However, gains were modest, as prices on the LME, though in green, were in a range with the market worried about the impending US "fiscal cliff" and as details of the recently announced steps to help Greece lower its debt remain sketchy.
The rise in copper prices at futures trade was mostly attributed to increased demand from consuming industries in the spot market. MCX Copper future is consolidate and also, sustaining around 440 levels.
So, for the coming week it could face major resistance of 453 levels whereas 419 could be a major support level in MCX Copper. For the next week in MCX Copper, traders can use buy on lower level strategy, if Copper future sustains above 442.5 level then it could test the levels of 446/ 452.
Crude oil futures:
Crude oil futures on domestic exchanges were flat with a negative bias as the effect of bullish overseas cues was offset by the rise in the rupee against the US dollar. Global prices of crude oil got a boost from optimism US policymakers would reach a budget deal to prevent the so-called "fiscal cliff" in the country once the proposed tax hikes and spending cuts come into effect in January.
Overall trend of MCX Crude oil future is in consolidation and also sustaining around 4850 levels, For the coming week 4710/4650 will act as major supports whereas 4950/5025 will act as major resistances in MCX Crude oil November future. So, for the next week in MCX Crude oil, traders can use sell on higher levels strategy and if it is sustain below 4800 then it could test the levels of 4720/4650.