Gold And Silver Weekly Report- Bullion Comex and MCX Trading Strategy (6th June - 11th June)

MARKET OVERVIEW (Gold)

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 1520 $ an ounce
then above 1550 $ an ounce it can touch the level of 1565$ an ounce and if COMEX Gold sustains below 1500$ then it can slightly correct and test the
level of 1485$ an ounce.

STRATEGY  

For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1520 $ an ounce, then  above 1550$ it can test the level of 1565 $ an ounce and above 1575$ 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 22400 and 22200
Major resistance in MCX Gold is 22850 and 23050



MARKET OVERVIEW (Silver )
COMEX Silver is technically consolidating on charts. Last week COMEX Silver was sustaining at lower levels for most part of the week. For the
upcoming week 3480$ and 3250$ 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 52000 and 50000 will act as major supports.

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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Commodity Gold - Next Week Outlook

Market Overview

COMEX Gold is in an upward consolidation phase. Last week COMEX Gold sustain above
the level of 1340 and able to sustain it. In the coming week 1310$ will act as a major
support in COMEX Gold, if COMEX Gold sustains above 1368$ an ounce then above 1370 $
an ounce it can touch the level of 1390$ an ounce and if COMEX Gold sustains below
1300$ then it can slightly correct and test the level of 1270$ an ounce.

Strategy

 
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above
1368$ an ounce, then above 1370$ it can test the level of 1390$ an ounce and above
1400$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1310$ and 1260$.
Major resistance for COMEX Gold in the coming week is 1400$ and 1435$
Major support in MCX Gold is 19700 and 19300
Major resistance in MCX Gold is 20550 and 20850

 

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MCX Gold Tips- Fundamental and Technical View with trading Recommendations

Morning Session

Comex CMP: US$1,292.20/oz

Comex Gold (Oct)

Fundamental View: Gold slipped on Tuesday following a fresh record high of an even $1,300 an ounce in the previous session, as a rebound in the US dollar against the euro prompted speculators to lock-in gains. It had struck a record on Monday on concerns over a global economic recovery and a weaker dollar. As investor uncertainty over the outlook for global markets drives gold to record highs,delegates polled at the London Bullion Market Association annual conference see no end to the rally any time soon. Gold's surge to another record failed to curb demand from India, where good monsoon rains raised hopes of better income for farmers. The euro fell from a five-month high against the US dollar on Monday as worries about fiscal debt Gold problems in euro zone countries such as Ireland High Low Close %Chg OI weighed on the currency.

Technical View: Indicators continue to show MCX Oct (Rs/10gm)19,139 19,061 19,079 0.3 11,289

neutral tendencies with RSI in the neutral zone

and MACD above the zero line indicating NCDEX Oct (Rs/10gm) 19,150 19,120 19,150 (0.5) 11,600

bullishness.

COMEX Oct (US$/oz) 1,300 1,294 1,297 0.0 21,328

Recommendation: While below $1,301 it could

attempt to test $1,290 levels. Daily close below

$1,289 could result in a sharp corrective decline

towards $1,272 levels now.

MCX Gold (Oct)

Recommendation: While below Rs19,140 it

could attempt to test Rs18,980 levels. Daily

close below Rs18,960 could result in a sharp

corrective decline towards Rs18,710 levels.

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