Tuesday, June 5, 2012

Gold, silver, Copper, Crude Commodity Updates for Today

Gold prices have witnessed a cool off after a upward rally, prices are expected to test the support zone at 29700. One can buy on decline as outlook for the precious metal is bullish.
R- 30110/30234
S- 29970/29880

Silver prices are likely to trade within a range from 53300 to 54900. one can trade within the range or wait for a range break for clear direction.
R- 54350/55250
S- 53700/53430

Copper  prices  could  test  413 -414 zone and  witness  selling pressure.  One can only enter long if sustained above 407 for the upside target at 412 and 414 maintaining a stop loss below 404. For intraday one can sell around 414 with a stop loss above 417.50
R- 413/417
S- 407/397

Crude prices are expected to bounce  till 4750  – 4800  zone  since we see the oscillators are in over sold zone and one can long with a strict stop loss below 4600
R- 4680/4770
S- 4580/4510

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