MCX Gold Silver Trend For Today- 11 July 2012

At MCX, Gold August Contract opened almost flat with negative bias and currently trading at around 29250 down more than 0.50%. MCX Gold August contract expected to trade in range of 29200-29800 for near term.

International Gold futures are modestly lower near 1575 USD per ounce. But, overall, the Gold market remains trapped in the middle of a two-month sideways range from last few days.The key support is $1530 per ounce on the downside and resistance at $1630 per ounce in Spot Gold. MCX Gold to take support near Rs 29450 and resistance at  Rs 29800 per 10 grams. 


 A strong breakout with two continuous settlements either support or resistance would be a signal that either the bears or bulls are reasserting control. Till than, This  yellow metal will remain neutral and market expected to trade said range.

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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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