Gold prices rose more than 1% on last day of the week. In this week 29,400 will act as a major resistance and 27,800 will act as a major support in MCX Gold . For this week traders can use buy on lower level strategy if Gold sustains above 28,800 then above 29,000 it can test the level of 29,400/ 29,600.
Silver is also looking technically strong on charts. Last week Silver was trading in a bearish trend for most part of the week but on the last two days of the week we saw good short-covering coming at lower level and it erased most of it previous losses. For this week 51,200 and 50,000 are the major supports whereas 55,000 and 56,800 are major resistance in MCX Silver. For this week traders can use buy on lower level strategy. If Silver sustains above the level of 54,000 then above 54,500 Silver can test the level of 55,200/ 56,000.
For this week Copper is expected to trade on higher levels. For this week 431-440 will act as major resistance level and 417-413 will act as major supports level for MCX Copper.
Technically, Crude Oil was consolidating at lower levels, trading in a range of 5,150 to 5,000 for entire week. For this week 5,000 and 4,800 will act as major supports and 5,120 and 5,250 will act as major resistance in MCX Crude Oil. For this week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5,000 then below 4,950 it can test the level of 4,870/ 4,800.
Silver is also looking technically strong on charts. Last week Silver was trading in a bearish trend for most part of the week but on the last two days of the week we saw good short-covering coming at lower level and it erased most of it previous losses. For this week 51,200 and 50,000 are the major supports whereas 55,000 and 56,800 are major resistance in MCX Silver. For this week traders can use buy on lower level strategy. If Silver sustains above the level of 54,000 then above 54,500 Silver can test the level of 55,200/ 56,000.
For this week Copper is expected to trade on higher levels. For this week 431-440 will act as major resistance level and 417-413 will act as major supports level for MCX Copper.
Technically, Crude Oil was consolidating at lower levels, trading in a range of 5,150 to 5,000 for entire week. For this week 5,000 and 4,800 will act as major supports and 5,120 and 5,250 will act as major resistance in MCX Crude Oil. For this week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 5,000 then below 4,950 it can test the level of 4,870/ 4,800.
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