1/21/2013 03:02:00 PM
Anonymous
MCX Bullion Technical Outlook :-
Bullion futures contracts are likely to trade lower next week due to appreciation in the rupee, and long liquidation in benchmark COMEX contracts.
MCX Gold Feb contract has turned negative on chart and expected to remain weak unless trades above 31210. Market will turn positive if market holds and trades above this.
Traders can sell on small pullback; initial targets are seen near 29930 and 29347 if market breaks critical support of 30300.
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MCX Copper View and Recommendation :-
MCX Copper Feb contract may trade higher unless support of 430.4 remains intact. Market was trading in range of 436-442 most of the time last week, and waiting for a break out above 445 to confirm further uptrend. While short term trend is still positive and traders can buy on dips.
Recommendation – Traders can buy on dips near 438-435 with stop below 430 for target of 450 and 463.
Crude Oil Trend and Trading Tips :-
Crude oil may trade with a positive bias on support from upbeat data releases from the US and China. US Labor Department reported a drop of 37,000 in initial jobless claims to 335,000 in the week ended Jan 12, while China's Oct-Dec GDP grew 7.9% on year, beating market expectation of 7.8% rise.
Besides, reports of militant attack on gas field in Algeria would also support oil prices this week, as the recent development has raised tension in the region. Algeria is not only a leading gas producer, but also produces 1.2 mln barrels of crude oil per day. Fall in Saudi Arabia's crude oil output would also support prices this week.
