10/26/2010 06:40:00 PM
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MCX Metals Review
Gold prices are expected to trade on a positive note today, mainly taking cues from the weakness in the DX. A weaker DX makes the yellow metal prices look attractive for holders of other currencies. However, demand for gold in this festival season in India is expected to be lower on the back of such high prices. This factorwill exert pressure on the upside. On intraday basis, Spot Gold prices have support at $1329/$1321 whereas resistance is seen at $1347/$1357. Spot Silver prices shall find support at $23.31/$23.00 whereas resistance is seen at $23.88/$24.14 levels.MCX December Gold has support at 19475/19395 whereas resistance is seen at 9625/19700. MCX December Silver shall find support at 35180/34890 whereas resistance is seen at 35760/36050 levels.
Copper prices will trade with a positive bias today with immediate support for MCX November contract seen at `377.00 Further below; crucial support is seen at `374.00 levels. Whereas resistance is seen at `382.40 levels & further upwards at ` 385.00 levels.
Zinc prices will trade with a positive bias today with immediate support seen at `112.00 level for MCX October contract whereas crucial support is seen at `111.00 level. Short-term resistance is seen at `114.60 whereas major resistance is seen at `116.00 levels.
Crude oil prices will take cues from the Inventory report to be released from American Petroleum Institute (API) today. Oil prices will also be influenced by the movement in the DX which is expected to trade with a depreciation bias today. Support for NYMEX December Crude Oil is seen at $81.50/$80.50 levels & resistance at $83.30/$84.20 levels. Natural Gas MCX October contract has major support at ` 143.00 & resistance at ` 152.00 levels.
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