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 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.

Gold Silver Updates: MCX Bullion Tips and Technical Levels

Gold is currently trading in a strong downtrend and is supported with good volumes. Gold is expected to trade with positive bais. Traders are advised to buy Gold above 28029.6 and Sell if below 26737.
Gold (FEB): Trend - Bearish
Resistance: 27731 - 27511, Support: 27181 - 26951.
Strategy - Sell on higher Levels.

Silver is currently trading in a strong downtrend with good momentum and is expected to trade positive. Traders are advised to buy Silver above 53157.9 and Sell if below 49509.2
Silver (MARCH): Trend - Bearish
Resistance: 53455 - 52305, Support 50905 - 49855.
Strategy - Sell on higher Levels.

MCX Commodity Updates and Outlook for Today

The effect of unemployment in United States has been seen in the Commodity Markets. 

On Nymex Crude Oil has slipped. On Nymex Crude Oil is trading with slight decline $ 100 per barrel. The Brent Crude gained nearly 0.5% and is trading around $ 109.4 per barrel.
On Comex Gold and Silver is trading with strength. On Comex Gold is trading with 0.5% strength around 1745.75 dollars per ounce. While on Comex Silver is being witnessed on the edge and it is trading at 32.8 dollars per ounce. Copper on LME is looking strong with 0.2%.