Saturday, May 28, 2011

Weekly Gold Silver Reports (30th May- 4th June)

GOLD MARKET OVERVIEW

COMEX Gold is in an upward phase. Last week COMEX Gold sustain above 1520$ and made a close near to its week high. In the coming week 1475$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1530 $ an ounce
then above 1540 $ an ounce it can touch the level of 1552$ an ounce and if COMEX Gold sustains below 1500$ then it can slightly correct and test the
level of 1485$ an ounce.

Trading Strategy  
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1530 $ an ounce, then above 1540$ it can test the level of 1552 $ an ounce and above 1555$ it can further move upward. Trade by keeping  the strict stop losses.

Major support for COMEX Gold in the coming week is 1500$ and 1460$.
Major resistance for COMEX Gold in the coming week is 1580$ and 1625$
Major support in MCX Gold is 22150 and 21800
Major resistance in MCX Gold is 22850 and 23050



SILVER MARKET OVERVIEW


COMEX Silver is technically consolidating on charts. Last week COMEX Silver was sustaining at higher levels for most part of the week. For the upcoming week 3620$ and 3480$ are the crucial supports and 4000$ and 4250 $ are crucial resistance in COMEX Silver. In MCX Silver 61000 and 64000 will act as major resistance and 55000
and 53000 will act as major supports.
Trading Strategy

Technically COMEX Silver is bullish on charts and still in an upward channel, For the next week traders can use buy on
lower level strategy if Silver sustains above the level of 3600$ an ounce, then above 3900$ an ounce it can further go
upward and can test the level of 4000$ an ounce. Trade by keeping the proper stop losses.

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Posted By Commodity MCX Tips