Saturday, October 29, 2011

Weekly MCX Commodity Market Report and Trading Tips

MCX GOLD
For the next week MCX Gold below 27400 it can test the level of 27200/27000/26850. Trade by keeping the strict stop losses.

Major support in MCX Gold is 26300 and 25700.
Major resistance in MCX Gold is 28300 and 28800.

MCX SILVER
For the upcoming week MCX Silver, 62000 and 65000 will act as major resistance and 45000 and 42000 will act as major supports. For the next week traders can use buy on lower level strategy if MCX Silver sustains above 58700 then it can test the level of 59500/60500, Trade by keeping the proper stop losses.

MCX COPPER
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. For next week MCX Copper sustains above 403 then it can test the level of 408/413/417 if it does not break the level of 380 on the downside. For the upcoming week MCX Copper major resistance would be 415 and 425 and supports would be found at 375 and 355.

MCX CRUDE OIL

NYMEX Crude is in consolidation phase. Last week Crude Oil was able to sustain at higher levels and close near to week high. For the coming week MCX Crude Oil major resistance is found at 4500 and 4680 and major supports will be 4200 and 4000. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below 4500 then below 4460 it can test the level of 4410/4350/4300 in this week. Trade by keeping the proper stop loss.

MCX NATURAL GAS

Natural Gas is in a consolidation phase and traders should use the strategy of buying on lower levels. Last week Natural Gas was able to sustain at higher level for most part of the week. For the upcoming week MCX Natural Gas major resistance would be 205 and 215, supports would be found at 175 and 165.

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