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Gold to see major support at Rs 30,850-30,650: CapitalVia Global Research


Gold to see support at Rs 30,850-30,650: CapitalVia Global
Gold futures was trading at lower levels as the sharp rise in rupee against the dollar weighed on prices. We also saw the profit booking in the market due to higher value of the rupee against the dollar. But last 2 days of the week we saw the short covering in the market.

Gold futures:

Over all, MCX Gold February future is range bound and also sustaining above 31000 levels. So for the coming week 30850/30650 will act as a major support whereas 31950/32500 will act as a major resistance level in MCX Gold February future.


Last week MCX Gold February future was sustaining around 31250. For the next week trader can use buy on lower level strategy, if MCX Gold February future sustain above 31470 levels then it could test the levels 31700,31900.

Silver futures:

MCX Silver future is consolidating and sustaining around 62000 levels. Last week MCX Silver March futures was sideways around lower levels. For the coming week 65700/66500 is the major resistance levels whereas 60900 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 62850 then it could test the levels of 63700 / 64900.

Copper futures:

Copper was down as demand concerns from the Euro zone and the US put pressure on prices. Data for Non Farm payroll and development on the solution to avert the fiscal cliff will impact base metals prices. Down fall in US currency will also effect the base metal prices, because it is a negative sign for the US economy.

Overall, trend of MCX Copper future is consolidate and also, sustaining around 442 levels. So, for the up coming week it could face major resistance of 453 levels whereas 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 439 level then it could test the levels of 434.50/ 427.90

Crude oil futures:

Crude oil prices went down as the Euro zone economy would contract in 2013 thus raising concerns for weak global oil demand. Crude oil prices to be down as demand concerns over-weigh supply disruptions and uncertainty over fiscal cliff continues to raise recession fears in US.

Technically MCX Crude oil is in consolidation and looking weak on charts. Last week , MCX Crude Oil December futures traded downward for the entire week. For the coming week 4570 and 4450 will act as major supports levels whereas 4950 & 5100 will act as major resistance in MCX Crude oil December futures.


For the next week traders can use sell on higher levels strategy. If MCX Crude oil December futures sustains below the level of 4670 then it could test the level of 4620/ 4590.

Read more about: gold silver commodities mcx futures
Story first published: Monday, December 10, 2012, 10:49 [IST]
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