MCX Silver Trend Today 6 July 2011

Silver on Tuesday saw a great upside momentum and could able to see a rally of more than 3%. To prevail this strong up trend Silver will have to consistently trade above 53350. A trade with volume above the same would take Silver to the levels like 53900-54700 and even 56000 later. But if it does not sustain above 53000, it may negate the bullish view of silver commodity.

Intraday traders can buy silver above 53500 for the targets of 53700-53900-54200 keeping a stop-loss below 53100

while below 52950 go for sell in silver with targets -52600-500

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MCX Silver Trend Today- Intraday Tips

The same happened as we predicted yesterday in silver MCX. Now the initial trend is supporting the level of 51900 if silver trades below 52200 while the level 52600 is seems to be the nearest resistance zone above which Silver may catch some momentum towards 52900-53400. In Broad perspective if silver breaks the level of 51500, a direct sell off can drag silver down to 49900-59500 later.

For Intraday one can buy Silver July contract above 52500 fir the targets of 52800-53000 Stoploss- 52100
Below 52100 sell for the targets of 51900-51700

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Commodity Alert- Intraday MCX Tips for Today

MCX Gold June-
 

Buy above 22000 stoploss 21500 target 22050-22100

MCX Silver July

Buy above 53500 Stoploss 53100 Target 53700-53900

MCX Nickel May
 

Buy around 1116-1114 stolposs 1105 target 1130

MCX Copper June

Buy above 413, stoploss 409.50 target 416-418

MCX Zinc May

Buy around 98.60-98 stoploss 97 target 100.

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Gold Weekly Report (16th May -20th May) - Comex & MCX Gold Updates

Market Overview
COMEX Gold is in an upward phase. Last week COMEX Gold neither sustain on higher level nor at lower level. In the coming week 1445$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1520 $ an ounce then above 1528 $ an ounce it can touch the level of 1542$ an ounce and if COMEX Gold sustains below 1460$ then it can slightly correct and test the level of 1440$ 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 1528$ it can test the level of 1542 $ an ounce and above 1550$ it can further move upward. Trade by keeping the strict stop losses.
 

Major support for COMEX Gold in the coming week is 1450$ and 1410$.
Major resistance for COMEX Gold in the coming week is 1580$ and 1625$
Major support in MCX Gold is 21600 and 21200
Major resistance in MCX Gold is 22450 and 23050

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MCX Copper Trend and Intraday Tips for Today

Near Term trend for Copper is seems to be bearish towards 586-384 level which could then be bounced back to the level of 387-390 for the day. But if Copper traded below 384 consistently it may test the level of 375 in near term.

For Intraday in Copper (June contract) one can sell Copper below 390 for the targets of 386-384 Stop-loss- 394.00.

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MCX crude OIl Updates- Crude falls ahead of EIA inventory data

MCX Crude May contract closed on Tuesday at 4610 rupees per barrel, up by 69 rupees against previous close of 4541. The contract opened up this morning at 4620 made an intraday high at 4674 and last traded at 4566 down by 44 rupees after touching an intraday low of 45 rupees.

In international markets, Crude prices last traded near 102 USD per barrel. Crude in dollar terms are likely fall further because of weak global demand and may touch 96-93 levels in the near future.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4200-4050 in the coming few trading days.

Support for Crude is seen at 4500 and below it; prices can test 4400 while the resistance levels are seen at 4675 and 4750 respectively.

Short term range for MCX Crude May contract is seen at 4100-4750.

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MCX Zinc Intraday Updates

Support for MCX Zinc April is  is seen near 103.4. Below this level it could  drop to 102.8.  Resistance is seen near 104.9. Above this level we can see it touching the level of 105.8.

Intraday tips for Today -

Intraday traders can buy MCX Zinc April contract near 104.3 with the stop loss of 103.5 and can wait for the targets of 105.1 and 105.8.

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MCX Crude Updates- Crude Oil Likely To fall Further

MCX Crude Apr contract closed on Monday at 4831 rupees per barrel, down by 77 rupees against previous close of 4908. The contract opened down at 4822 made an intraday high at 4834 and last traded at 4820 down by 11 rupees. The said contract made an intraday low of 4756.

In international markets, Crude prices last traded near 107.3 USD per barrel. MCX Crude future prices are likely to fall further on profit booming and could touch 103-100 levels within next few trading days.

On MCX, Indian commodity exchange, Crude prices are likely to touch levels of 4750-4700 in the coming few trading sessions.

Support for Crude is seen at 4775 and below it; prices can test 4725 while the resistance levels are seen at 4875 and 4925 respectively. Short term range for MCX Crude Apr contract is seen at 4700-4950.

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Commodity Updates- MCX Tips for Today evening

Gold MCX June Buy at 21245 Target 21320 SL 21200

Silver MCX May Buy at 58380-420 Target 58780 SL 58150

Crude Oil MCX Apr Buy at 4910 Target 4945/65 SL 4885

MCX Aluminium Apr Buy at 118.3 Target 119.4 SL 117.7

MCX Copper Apr 41.65 Buy at 435 Target 439 SL 432.5

MCX Lead Apr Buy at 126.8 Target 128.1 SL 126

MCX Nickel Buy at 1208 Target 1222 SL 1199

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Aluminium Updates- MCX Aluminium Likely to Move Up

MCX Aluminium yesterday traded with the positive node and settled 1.06% up at 117.9. Some support had been seen from the LME stock also which came down by -4525mt, the total stock at LME is now at 4.58 mt.

In yesterday's trading session aluminium has touched the low of 116.7 after opening at 116.9, and finally settled at 117.9. For today's session market is looking to take support at 117, a break below could see a test of 116.1 and where as resistance is now likely to be seen at 118.9, a move above could see prices testing 119.7.

MCX Aluminium April contract trading range is 116.1-119.7.

Short term traders can buy MCX Aluminium April contract near 117 with the stop loss of 115.50 and can wait for the targets of 118.8 and 119.7.

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Copper Updates- Likely To fall further

MCX Copper yesterday traded with the positive node and settled 0.41% up at 425.3 but ended the first quarter of 2011 with a 2.4 percent quarterly loss, its first such decline since the second quarter of 2010, as concerns about softer Chinese demand and rising warehouse stocks weighed on sentiment.

Base metals have been knocked this year by turmoil in the Middle East and North Africa, which has boosted oil prices and stoked inflation concerns, and by the earthquake, tsunami and nuclear disaster in Japan.

For today's session MCX Copper April contract is looking to take support at 417.9, a break below could see a test of 414.5 and where as resistance is now likely to be seen at 427.5, a move above could see prices testing 429.8.

Short term traders can sell MCX Copper April contract near 424 with the stop loss of 432 and can wait for the targets of 414 and 408.

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MCX Silver Updates

Silver prices rose by 783 rupees to 55649 rupees per kg in futures trading on sustained buying by speculators in line with strong global trend.

Silver futures erased the early losses, retreating from the lowest level in almost seven days after disappointing U.S. economic data and amid lingering fears over the euro zone’s sovereign debt crisis.

The prospect of tightening monetary policy is casting a shadow over the bullion outlook. Bullion tends to benefit from low real interest rates, as they reduce the opportunity cost of holding non-interest bearing bullion.

Today, MCX Silver future expected to move up to 56500 rupees on continuous buying sentiment from international market.

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Gold Silver Tips for Today- Bullion Calls

Buy Gold April Above 20800 Tg-20850-900-950 SL-20650

Buy Silver May above 55950 TG-56100-56200 SL-55650

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Bullion Updates- Gold Silver Calls for Today Evening

Buy Gold Futures April around 20680-700 Target-20800-20850 SL-20570

Buy Silver Futures May around 55100 TG-55200-275-375 SL-54850

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MCX Natural Gas Updates

Natural gas MCX Mar contract opened up this morning at 194 vs. previous close of 192.8 made the same level as an intraday low and last traded at 194.8 up by 2 rupees after it made an intraday high at 196.8.

Natural gas future prices have risen by more than thirteen percent in last three weeks. Natural gas future prices are likely to rise further and could test 205-215 levels within next few trading days.

As per EIA report released on Thursday, Natural gas inventory levels reached to1612 billion cubic feet (bcf) for the week ended on 18th March, 2011 decreased by 6 bcf which look supportive for the Natural gas future prices. Positional traders are advised to buy on dips.

Technically, range for Natural gas is from 175-205. 14 days RSI for MCX Natural gas Mar contract is at 69 levels and it shows that natural gas prices are rising steadily and entering in overbought territory. Positional traders can buy MCX Natural Gas Mar contract near 187 with a stop loss of 182 and can wait for targets of 196-204.
 

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MCX Natural Gas Outlook- Go for Buy

MCX Natural gas March contract yesterday traded with the negative node and settled -0.05% down at 187.6 after a good bounce in the morning session climbing to a six-week high, as forecasts for colder-than-normal temperatures across most of the U.S. for the end of March boosted expectations for heating demand.

For today's session market MCX Natural Gas March contract is looking to take support at 185.3, a break below could see a test of 182.9 and where as resistance is now likely to be seen at 190.4, a move above could see prices testing 193.1.

MCX Natural Gas March contract trading range is 182.9-193.1.

Short term traders can buy MCX Natural Gas contract near 185 with the stop loss of 179 and can wait for the targets of 193 and 197.

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MCX Tips- Gold SIlver Call For today Evening

Buy Gold April Around 20800-850 TG-20900-21000 SL-20680

Buy Silver May Around 53000-53050 TG-53150-250-350 SL-52850


Free Nifty Levels and Market Forecast for Monday- CLICK HERE 

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MCX Nickel Updates

MCX Nickel March contract has been on correction mode since last week. It tested lower levels of 1151.90 during the previous week. It traded below 21 days exponential moving average which suggests nickel future prices are likely to fall further.

MCX Nickel March contract opened at 1167.50 per Kg. It tested intraday low of 1132 and last traded at 1144 down by 29.60 rupees. The contract faces resistance near 1190 while its support is seen near 1110.

Short term traders can sell MCX Nickel March contract near 1160 with stop loss of 1192 and can wait for target of 1120.

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MCX Tips- Gold Silver Calls for today evening

MCX Gold April Sell 20600-575 TARGET-20500-20400 STOP-LOSS-20720

MCX Silver May Sell below 51850 TARGET-51700-600-500 STOP-LOSS-52050

(CMP 51910)

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MCX Gold SIlver Calls (Evening Round Up)

Buy Gold April around 21000-21020 TG-21100-21150 SL-20940

Buy Silver Around 53950 TG-54100-150-200 SL-53750

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