Tuesday 25 September 2012

"Overall commodity market trend for 25th sept" by Merits


As the Gold price was on the one hand boosted by more central bank stimulus actions around the world and on the other hand it got hampered by weaker economic data out of Europe, China and Japan which caused the US dollar to strengthen.

Crude oil continues to decline, even with additional stimulus offered by the Bank of Japan last week. Earlier Crude oil rose after the announcement only to decline again. Falling global production and manufacturing continues to plague the economies around the world

MCX Gold is in bullish trend and consolidating around higher levels. For the coming week 32,500 will act as a major resistance level and 31,180 will act as a major support level in MCX Gold Oct. futures. Last week MCX Gold Oct futures remained sideways but on Friday, we saw profit booking in it. For the next week traders can use buy on lower level strategy, if MCX Gold October futures sustains above 31,400 then  it could test the levels 32,100 / 32,450 with strict SL of 31,200.``

MCX Silver is also bullish on the charts and consolidating around higher levels. For the coming week 66,600 is the major resistance levels whereas 61,900 is major support in MCX Silver Dec. futures.  Last week a MCX Silver Dec. future was sideways around higher levels. For the next week traders can use buy on lower level strategy, if Silver Dec. futures sustains above 64,850 then it could test the levels of 65,700/ 66,400,`` it said while commenting on silver outlook.

MCX Copper futures is bullish but last week it was unable to sustain at higher levels and in last 2 days of the week, we saw profit booking in it. For the coming week 439 and 433 will act as major supports whereas 455 and 463 will act as major resistances in MCX Copper Nov. futures. For the next week in MCX Copper, traders can use sell on higher level strategy and if it sustains below the level of 445 then it could test  the levels of 439 / 433

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