Gold to have support at Rs 27,730: Rajesh V

Commentary

oi-Shoaib MD

By Rajesh V

Published: Monday, September 5, 2011, 9:27 [IST]

Stock markets are under pressure from bears, therefore, commodities will provide a good trading option. Rajesh V shares his views with us.

Gold – October:

Gold has support at Rs 27,730 levels; holding above this level will give pull back. Resistances are at Rs 28,120 / Rs 28,195 levels.

Breaking Rs 27,480 is weak indication for gold, if breaks the precious metal may test Rs 27,150 levels.

Silver – September:

Trade above Rs 64100 levels is important to silver. Above Rs 64,100 it may test Rs 64,530. Silver has support at Rs 63230 levels, break this it may test Rs 62,610 / Rs 61,840 levels.

Copper – November:

Copper has breakout levels at 418.70 & 421.20; if breaks either side will set further fall or rally.

Supports are at – Rs 416.20 / Rs 413.80
Resistances are at – Rs 423.60 / Rs 426.10

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in broking industry. He is a contributing writer for www.goodreturns.in. You can contact him at rajeshvravanappan (at) gmail (dot) com

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