Wednesday, May 2, 2012

MCX Commodity Levels For Today : 2nd May 2012


MCX Commodity Levels for today's Market : GOLD, SILVER, COPPER, CRUDE

Gold commodity prices are taking support at 29000 in today's MCX commodity market as long as prices are trading above the same can give trigger till 29400-29450 levels. We have seen a triangular breakout on expecting the counter to trade positive in the short term. For today's Commodity market gold resistance levels 29270/29425 and support level 29110/29000.

Yesterday in the commodity market in Silver we have seen a sharp pull back in the counter and likely to trade positive till the expiry of contract. We may see the counter to test 58000. We have seen support levels for silver commodity is 56850/56500 and resistance levels should be 57750/58100 .

In Copper the only counter is showing strength looks to trade positive in the short term, we may see lower level for copper commodity of 440-438 and looks to go long at these levels for the target of 455-460. Whilst analyzing the resistance levels for copper should be 449/ 454 and similarly the support level for copper should be 444/441.

Crude commodity prices have given a breakout and likely to hit the next levels of 5700 and we should buy crude on dips bet 5530-40 for the target of 5700-5730. Today's crude commodity level are expected resistance level 5650/5710 and support level 5535/5490 .

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