Gold, silver, Copper, Crude Commodity Updates for Today

GOLD
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.
LEVEL
R- 30110/30234
S- 29970/29880

 SILVER
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.
LEVEL
R- 54350/55250
S- 53700/53430

 COPPER
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
LEVEL
R- 413/417
S- 407/397

CRUDE
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
LEVEL
R- 4680/4770
S- 4580/4510

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Silver, Gold, Copper, Lead Commodity Calls

Sell Silver around 54200 Target 53900-53700 SL above 54500

Buy Gold between 28770-28780 Target 28840-28890 SL below 28720


Sell Copper June @ 425-426 SL 428.20 Target 423.60-422

Sell Lead above 107.90 SL 108.50 Target 107.30/107.

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Today's Commodity Market Recommendations

Gold prices are likely to head lower to the tune of the level 28200 – 28150. One can sell gold commodity on rise around 28500  -28470 with a stop loss above 28630.oscillators are  in turning down. Expected levels for gold for today are resistance level -28760/28870 and support level-28420/28270.

Silver prices are expected to trade lower and test 54400. Oscillators are in over sold zone hence aggressive selling not advised in silver.Today's expected levels for silver should be resistance level -55300/55780 and support level 54200/53500.

Copper prices have failed to cross 440 on higher end indicating lack of buying interest, one can witness selling pressure in copper commodity to the tune of  430. Oscillators indicating flat to down move. We can find expected levels are resistance level -439/442 and support level 434/431.

Crude prices as expected test the resistance zone at 5225 – 5235 on higher end and witnessed selling pressure in today's commodity market. We expect selling pressure in crude to continue, one can sell crude on rise till 5185 -5195. Levels should be resistance level -5235/5275 and support 5125/5056.

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BULLION COMMODITY UPDATE

For bullion commodity again Friday proves as Black day. Gold dropped 150 point and silver dropped 1200 point on intraday basis due to European countries again falling in crises zone. ECB seen favoring Bond Buying rather than offer banks another round of unlimited 3 Year loans as the debt crisis deepens.

MCX GOLD LEVELS

Gold face resistance of 28800 in MCx commodity market and make u-turn. It expected to find support around level of 28450-28400. If Gold broke one may sell for 27900

Gold Resistance Level  – 28650 / 28725/28880
Gold Support Level– 28530/ 28420/28170

MCX SILVER LEVELS

Silver prices are expected to trade within a broad range of 54800 to 56800. One may sell silver commodity on top around 56500 with a stop loss above 57000. Oscillators are in negative territory.

Silver Resistance Levels – 56800/57330/57550
Silver Support Levels– 55700/ 55100/54800

MCX CRUDE LEVELS

Crude is trading in range of 5350 & 5200 in MCX commodity market for today. One may Buy crude if trades 20/30 Minutes above 5360 with a Stop loss below 5335.

Crude Resistance Levels– 5320 /5350/5385
Crude Support Levels– 5270/5217/5170

MCX COPPER LEVELS

Copper is still trading in negative zone. Any higher side will call trader to sell copper  commodity. One could go short @ 416 with stop loss of 419. With target of 411.5/407/404

Copper Resistance Levels – 419/424/427
Copper Support Levels– 412/407/404

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