Bullion Strategy for this week

Gold Strategy for this week

For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1780 $ an ounce, then above1805 $ it can test the level of 1820$/1835$/1855$ $ an ounce. And in MCX Gold above 29080 it can test the level of 29280/29480/29680. Trade by keeping the strict stop losses. 

Major support for COMEX Gold in the coming week is 1700$ and 1600$.

Major resistance for COMEX Gold in the coming week is 1840$ and 1900$

Major support in MCX Gold is 28000and 27100

Silver Strategy for this week

Technically COMEX Silver is consolidating on charts. For the next week traders can use buy on lower level strategy if Silver sustains above the level of 3530$ an ounce, then above 3560$ COMEX Silver can test the level of 3660/3720$ an ounce. And in MCX Silver sustains above 58300 then it can test the level of 59200/60500, Trade by keeping the proper stop losses.

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MCX Commodity Updates

Bullion Trend

Gold slightly recover its position, its recover up trend after two days. Gold continuesly on bearish trend from two days, but in today's session its move for 28900+ level. While Silver in on consolidate phase its seems to bullish if it breaks 58200 resistance level else from the support level of 57300 its looking bearish.

Base Metal Updates

In Energy Crude recover, its currently trading on 4940 plus by 39% from last trading session. Crude seems to trade on higher level because of dollar weekness. Base metal may trade on side ways, Aluminium will trade on lower level, while copper seems in consolidate phase.

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MCX Commodity Gold, Silver, Base Metal Trend

Gold Trend

Today Gold all most decline by .225 in Indian Commodity MCX. MCX Gold December contract dropped by 1.1 percent and touched an intra-day low of Rs.28,453/10 gms on Thursday. Precious metal down because of low investment demand & this trend in remain for the next trading session.

Silver Trend

Silver MCX declined marginally by 80%, in MCX silver dropped & made a low of 55688. Silver is in bearish phase, investment demand is more in gold as compare to silver. We expect trading will be in side wise in evening session.

Base Metal

All base metals down today, poor investment demand & market data directly performed efect on base metal. Aluminium decline all most 1% in todays trading session, It touched an intra-day high of $2150/tonne and ended at $2149/tonne yesterday. On the MCX, aluminium hit an intraday high of Rs.108/kg and closed at Rs.107.8/kg on Thursday. Copper the leading base metal also in red color, no correction seems for copper in today's session.

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Commodity Data

Commodity live updates
GOLD TRIMS LOSSES ON ITALY NEW GOVERNMENT HOPES.
CRUDE RISES NEAR THREE-MONTH HIGH ON EUROPE SENTIMENT, U.S. INVENTORIES.
COPPER FALLS ON ITALIAN DEBT WORRIES, DOLLAR.

MCX Market Data

Date	Time	Currency	Economic Data	Forecast	Previous
FRI 11TH NOV	12:30am	USD	Federal Budget Balance	-107.5B	-64.6B
	All Day	USD	Bank Holiday
	8:25pm	USD	Prelim UoM Consumer Sentiment	61.3	60.9
	8:25pm	USD	Prelim UoM Inflation Expectations		3.2%

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MCX Commodity Updates

Gold MCX Trend

Gold decline in today's session, from last 4-5 days gold trading was in positive. The yellow metal touched an intra-day low of 1777/oz and was hovering around $1778/oz till 4.45 pm IST. MCX Gold traded higher by 0.3 percent on account of Rupee depreciation and was trading at Rs28,831/10 gms till 4.45 pm IST today.

Crude Updates

Nymex crude oil prices declined by almost 1.5 percent today and are currently trading at $95.44/bbl taking cues from expected rise in US crude oil inventories, escalating concerns over Europe’s debt crisis and a stronger dollar. On the MCX, crude oil prices increased by 0.7 percent due to Rupee depreciation and was trading at Rs.4770/bbl till 4:45pm today. Crude trade in positive basis from yesterday & seems bullish for next trading hours.

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Live Commodity Updates

Commodity Live
GOLD STEADIES, ITALY'S DEBT WORRIES LINGER.
CRUDE OIL DECLINES ON CONCERN ITALY’S TURMOIL MAY DERAIL EUROPEAN ECONOMY.
COPPER UP ON CHINA DATA, ERASES GAINS ON BERLUSCONI'S EXIT PLEDGE.
DOMESTIC OIL AND OILSEED TRADE STEADY.

Commodity Data

Date	Time	Currency	Economic Data	Forecast	Previous
THU 10TH NOV	7:00pm	USD	Trade Balance	-46.1B	-45.6B
	7:00pm	USD	Unemployment Claims	401K	397K
	7:00pm	USD	Import Prices m/m	0.1%	0.3%
	9:00pm	USD	Natural Gas Storage	31B	78B
	9:10pm	USD	FOMC Member Evans Speaks
	10:15pm	USD	Fed Chairman Bernanke Speaks
	11:45pm	USD	FOMC Member Yellen Speaks

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