MCX Bullion Tips: Gold and Silver Outlook

Today, Gold and Silver prices are expected to trade lower, as worries with respect to Greece rise and this could lead to risk aversion in the global markets. Yesterday on MCX, Gold (February) rose around 0.21% and touched intra-day high of Rs 27,593 and closed at Rs27,510, whereas on MCX, Silver (March) rose around 1.31% and touched intra-day high of Rs56,489.

Technical Levels for Today
                                   Unit          Support        Resistance
Spot Gold                  $/oz           666/1653          1678/1691
MCX Gold (Feb’12)   Rs/10 gms  27413/27309    27610/27710
Spot Silver                $/oz            31.76/31.23      32.57/33.09
MCX Silver (Mar'12)  Rs/kg        55034/54449     55869/56289

Gold and Silver Updates: Crude Oil Trend

In the International market Gold and silver is looking sluggish. On Comex gold is trading closer to $ 1664, while silver is trading flat. But prices are still above $ 30. On Wednesday, Gold in the Domestic market closed with nearly 1/2% decline around Rs 27,473, while Silver closed with a lead of 1/2% around Rs 53,474.
In the International market Crude Oil is trading in a bullish trend. On Nymex Crude Oil is trading with a rise of 1% above $ 101.

Gold and Silver Outlook: MCX Bullion Tips

Gold and Silver in the international market has rised strongly. On Comex Gold is trading with nearly 1.5% faster around $ 1653, while silver gained 2% and is trading above $ 30. In the Domestic Market Gold was closed with slight decline around Rs 27,500 on Monday, while Silver was closed with nearly 1/2% gain around Rs 52,350.

Gold Silver Updates: MCX Bullion Tips

Today, Gold and Silver prices are expected to trade in a sideways bias, and will take cues from a stronger dollar and choppy sentiments in the global markets. Gold prices are witnessed a bounce from the support level of 27610 till 27767, but closed below 27610 which indicated some selling pressure till 27510 – 460. Silver is also expected to take cues from movement of the base metals. Whereas, Silver prices are witnessing selling pressure around 52210 - 52410, prices are likely to test 51110 – 51010 on lower end. Traders are advised to sell Silver on rise around 52410.

Technical Levels for Today
                                  Unit            Support            Resistance
Spot Gold                $/oz               1606/1595          1623/1633
MCX Gold (Feb)     Rs/10 gms     27510/27432      27716/27844
Spot Silver              $/oz               28.95/28.55        29.34/29.65
MCX Silver (Mar)   Rs/kg             51365/50974      52148/52544

MCX Gold Trend for This Week (09-13th January, '12)

COMEX Gold is in a technically consolidating on charts for short term. Last week COMEX Gold was trading on higher side and was able to made a close above 1600$ an ounce. In this week 1500$ will act as a major support in COMEX Gold and 1740$ will act as a major resistance.

Resistance: 1670 - 1643
Support: 1578 - 1539

STRATEGY
For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1620 $ an ounce, then  above 1640 $ it can test the level of 1660$/1680$/1705$ $ an ounce. And in MCX Gold above 28000 it can test the level of 28150/28300. Trade by keeping the strict stop losses.

• Major support for COMEX Gold in the coming week is 1505$ and 1460$.

• Major resistance for COMEX Gold in the coming week is 1710$ and 1790$.

• Major support in MCX Gold is 25500 and 24000.

• Major resistance in MCX Gold is 28700 and 29500.

MCX Commodity Tips Updates for Today

• Gold prices settled moderately lower, with thin volumes reported in International markets on account of Thanksgiving holiday in US. 

• Gold prices are expected to trade range bound today, due to an abbreviated U.S. trading session following Thanksgiving holiday.

• LME base metals ended mixed, suppressed by prevailing economic uncertainty in Europe and US.

• US Crude oil futures registered losses, as economic concerns in Europe and US front overshadowed the decline in US crude oil stocks. The energy prices have a limited downside, as the complex is supported by emanating geopolitical tensions regarding Iran’s nuclear power ambitions.