Tuesday, February 28, 2012

MCX Gold Tips, Silver Tips, Copper Updates, Crude Updates, NCDEX Tips

Gold futures may trade sideways with downside remaining capped tracking firm international prices. MCX Silver after creating a life time high of Rs 73,600, price gave a sharp correction and was in a consolidation phase ranging Rs.46,000-59,000. Copper futures may trade with a positive bias moving in line with firm international prices. Support for MCX February copper contract is seen at Rs.413.5 while resistance is seen at Rs.427. Crude oil prices may trade sideways with the upside being capped owing to bearish in international prices.

Strategy for SILVER - Go Long on (cmp 58,655) or dips towards Rs.57,500, target Rs 65,000/66,893 with stop loss (closing below) Rs 55,100 level.