MCX Gold Boomed, Tocuhed Record High

Buoyed by a firm trend in the overseas markets, gold futures prices today climbed to all-time high of Rs 31,029 per 10 grams as speculators indulged in enlarging positions.
Rising spot demand in domestic markets for the wedding season also pushed gold futures to trade at record high, traders said.

At the Multi Commodity Exchange, gold for delivery in December rose by Rs 352, or 1.23 per cent, to new record of Rs 31,029 per 10 grams, with a business turnover of 209 lots.

Similarly, gold prices for delivery in October gained Rs 382, or 1.30 per cent, to trade Rs 30,699 per 10 grams, with a trade turnover of 3,149 lots.

Marketmen said sentiment at futures trade here bolstered after gold rose to 16-week high overseas as dollar weakened amid speculation central banks in the US and China may ease monetary policy to boost their economies, raising demand for the precious metal.

In Singapore, gold prices rose by 1.2% to trade at almost four-month high of USD 1,662.70 an ounce.

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Comex Gold and MCX Gold Mini TIps

COMEX GOLD: a perfect text book pattern “Symmetrical triangle” has formed in daily chart; a strong break-out through the falling trend-line has already taken placed at $1612/oz. This could lead to further rally in gold prices towards the next resistance of $1680 and above that it may test $1728 which is 50% Fibonacci projection levels of the previous fall (starts from $1921 to $1522 levels). So, any correction towards the trend line i.e. towards ($1612) support can be utilized for accumulating long position. Key Momentum indicator RSI is placed in positive territory and the long –term momentum indicator MACD is about to provide an upside break out.


Strategy: GOLD Mini Sep MCX: 
Buy 1st lot at around 29900 and 2nd lot at 29700 levels target 30750 then 31300.
With stop loss 29200.

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Commodity MCX Tips : Bullion, Metals and energy Updates

Bullion: 

Despite recovery in COMEX futures, gold futures on domestic  exchanges were down slightly as the rupee rose more than 1% against the US dollar. Gold futures on the COMEX wiped early losses, and gained as the US dollar plunged against the euro. Gold futures on the  COMEX hit their three-week high today as investors expect the US Fed to consider another round of quantitative easing at its meeting next week. 

Energy: 

Crude oil futures on domestic market were up today tracking  overseas markets, where prices recovered owing to the dollar's  weakness against the euro. Oil futures gained on renewed optimism after European Central Bank President Mario Draghi said the ECB was committed to avert economic crisis in the Eurozone. 

Metals: 

A mixed trend was seen in base metal contracts on the MCX, where prices received support from the uptrend in the London Metal Exchange, while firm rupee against the dollar limited the gains. Base metals on the LME were trading higher today due to  a weaker dollar 

against the euro and on optimistic comments by the ECB president. 

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Commodity Tips: Natural gas Updates

he major trend Natural Gas is consolidating and traders can go for  the strategy of buy on lower levels. If this week Natural Gas sustains above the level of 2.700 $ then above the level of $3.060 Natural Gas can test the level of  $3.110/$3.170/$3.230 and below $2.650 Natural Gas can test the level of 2.600/2.540 $. In MCX, if Natural Gas sustains above 150 in the coming week then above 170 it can test the level of 175/180/186, if it does not break the level of 150 on the downside.

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Gold Silver MCX Tips

MCX Gold  prices have been consolidating with less directive moves. Even in  this baffling state, weakness could restore only below 29160 region, else hold the same for short covering rally towards 29350/29420 or even higher towards  29570. But unexpected plunge below 29160 region may ignite fresh selling towards 29030/28880.


In Silver even as the broad negative trend is intact, intraday moves likely to  be restricted near 52200-52000 region and push prices higher. A direct rise above 54500 with volume would require negating our bearish expectation and push prices higher.

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