Gold,Silver futures traded high on short covering ~ MCX Commodity Tips

Mumbai - Gold, silver futures traded higher on buying support on Multi Commodity Exchange on Saturday. Gold, silver futures traded lower on selling pressure in the previous session. In the overseas market precious metals settled sharply higher on weak dollar against euro. In the international market gold settled up USD15.02 at USD1211.50/oz.

MCX's most active Gold August contract opened Rs.22 higher at Rs.18,415/10gm and moved between Rs.18,398-Rs.18,415/10gm. At 11.03 am IST, the contract traded Rs.10 higher at Rs.18,403/10gm. August contract volumes clocked 340 lots.

MCX Gold mini, the most active August contract opened up Rs.12 at Rs.18,407/10gm. It fluctuated between Rs.18,397-18,414/10gm. At 11.05 am IST, August contract traded higher Rs.11 at Rs.18,406/10gm. Total volumes in August contract clocked 862 lots.

Benchmark Silver September contract opened Rs.68 higher at Rs.28,898/kg. The contract fluctuated between Rs.28,851-Rs.28,898/kg. At 11.06 am IST, silver September contract traded up Rs.49 at Rs.28,879/kg. Total volumes clocked 303 lots.

MCX Silver mini August futures opened up Rs.35 at Rs.28,867/kg and moved between Rs.28,850-Rs.28,881/kg. At 11.05 am mini silver August futures traded up Rs.43 at Rs.28,875/kg. Total volumes recorded 853 lots.

Expert Speak

CapitalVia Global Research Head of Research Vivek Gupta said: "The good thing to cheer for the investors is that now they own a stake in the company which is much more clean in all the aspects and is amongst the top-five IT companies." Via moneycontrol.com

Commenting on the outlook, the broking firm CapitalVia Global Research said, "Next week, if gold sustains above the level of 26,430 then by breaking the level of 26,890, it may touch the level of 27,250. But if it fails to sustain above 26,430 then may touch the level of then it may test the level of 25,311/25,200. For silver 42,800 may act as good resistance. For the next week, traders can sell on higher level strategy, if MCX Silver September futures sustains below 41,080 then it could test the levels of 40,340/ 39,900." Via myiris.com

Vivek Gupta, head of research, CapitalVia Global Research said, "Technically, Nifty is likely to consolidate in the upcoming session and remain bullishly poised. Major resistance for upside is 6,080 with the crossing of which 6,150 can be touched. For downside, major support is at the level of 5,850 and 5,750."

MCX Support Resistance Levels- 13 June

script	R2	R1	S1	S2	Action
Gold	28372	28100	27625	27420	Buy on Lower levels
Silver	45633	44744	42281	41183	Buy on lower level
Copper	423	418	409	405	sell on higher level
Crude	5679	5608	5420	5325	buy on lower level
Naturalgas	229	225	214	210	Sell on higher level
Lead	128.40	125.65	120.00	117.40	Sell on higher level
Zinc	111.15	109.60	104.35	102.60	Sell on higher Level
Nickel	896	879	816	797	Sell on higher level

NCDEX-SUPPORT & RESISTANCE - 07 August

script	R2	R1	S1	S2	Action
Soybean	4090	4010	3860	3785	Buy on lower level
Turmeric	6870	6740	6000	5860	Buy on higher level
Cottonseed	1745	1715	1650	1620	Buy on lower level
Chana	5055	4960	4770	4675	Buy on lower level
Jeera	17580	17250	16600	16270	Sell on higher level
Pepper	45600	44750	43050	42200	Buy on lower level
Gur	1285	1260	1220	1195	sell on higher level
Musters heed	4660	4510	4340	4255	Buy on lower level

Trading Rules

1. Always do your analysis before trading.

2. Always have a clear and reasonable idea of your objective.

3. Never trade on emotions or other people's forecasts.

4. Buy at support and sell at resistance.

5. Always trade with "STOP LOSS".

6. Never hold a losing position over night.

7. Never add to a losing position.

8. Never risk more than 5 per cent of your trading capital on one trade.

9. Take responsibility for your own trades.

10. If you are breaking any of the above rules then STOP TRADING ? coz you are out of control.

DREAM BIG ; EARN BIG

MCX Commodity Tips - The Bullion Metals