Gold to see major support at Rs 30,370-29,930: CapitalVia Global Research

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Gold to see support at Rs 30,370-29,930: CapitalVia Global
Gold prices are trading at lower level on the back of worries over the fiscal cliff issue. stronger dollar due to positive unemployment data will also put the pressure on the prices. In the Indian market Gold prices gained on account of depreciation in Indian rupee.

Gold Futures:

Overall, Indian Gold is expected to follow international prices. Technically, MCX Gold February future is range bound and also sustaining around 30800 levels. So for the coming week 30370/29930 will act as a major support whereas 30950/31500 will act as a major resistance level in MCX Gold February future. Last week MCX Gold February future was sustaining around 30800. So for the next week trader can use sell on higher level strategy, if MCX Gold February future sustains below 30545 levels then it could test the levels 30370 /30150.

Silver Futures:

MCX Silver is looking week on charts and consolidating around lower levels. For the coming week 60050/61500 will act as major resistance levels whereas 56350/55400 will act as major support in MCX Silver March futures. Last week MCX Silver March futures remained sideways around lower levels. For the next week traders can make selling position on higher level, if Silver March futures sustains below 57200 then it could test the levels of 56600/ 55800.

Crude oil Futures:

Crude oil prices are trading on a flat note taking cues from expectations that US lawmakers will resume budget talks today and try to solve the US fiscal cliff issue. Additionally, weakness in the DX coupled with forecast for decline in US crude oil inventories also supported an upside in the crude oil prices.

However, The downside in crude oil was limited as we saw positive data for US unemployment claim. Overall, MCX Crude oil is consolidate and also sustaining around higher level for the entire week. So for the coming week 4850/4600 will act as major supports levels whereas 5160 /5270 will act as major resistance in MCX Crude oil January futures. For the next week trader can use buy on lower level strategy, if MCX crude oil January future sustains above 5070 level then it could test the level of 5150/ 5220.

Copper Futures:

Copper traded on a positive note on the back of positive global market sentiments coupled with weakness in the rupee against the USD. China is a largest consumer of copper in the world, China economy is also recovering and it's industrial profit jumped 22.8 % in November from the previous data. Which also supported the prices. Trend of MCX Copper future is range bound and also, sustaining around 435 levels. So, for the up coming week it could face major resistance of 446/450 levels whereas 430/425 could be a major support level in MCX Copper. For the next week in MCX Copper traders can go for sell on higher level strategy, if Copper future sustains below 435 level then it could test the levels of 430/ 426.

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Read more about: gold, commodities, silver, futures, mcx
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