Saturday, June 23, 2012
True Commodities (NEAL BHAI 9999974733): SILVER Weekly Technical Report 25.06.2012 to 29.06...
True Commodities (NEAL BHAI 9999974733): SILVER Weekly Technical Report 25.06.2012 to 29.06...: MCX Silver July as seen in the weekly chart above has opened at 54,327 levels initially moved sharply higher, but found resistance at 55,19...
SILVER Weekly Technical Report 25.06.2012 to 29.06.2012
MCX Silver July as seen in the weekly chart above has opened at 54,327 levels initially moved sharply higher, but found resistance at 55,197 levels. Later prices fell sharply breaking both the supports towards 52,554 levels and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect Silver prices to find strong resistance in the range of 53,550-53,650 levels. Trading consistently above 53700 levels would trigger a minor rally initially towards 54,580 levels and then finally towards 56,200 levels.
Strong support is now observed in the range of 51,945-51,700 levels. Trading consistently below 51,700 levels would extend the current fall initially towards 50,930 levels and then finally towards the major support at 50,000 levels.
For the next week we expect Silver prices to find strong resistance in the range of 53,550-53,650 levels. Trading consistently above 53700 levels would trigger a minor rally initially towards 54,580 levels and then finally towards 56,200 levels.
Strong support is now observed in the range of 51,945-51,700 levels. Trading consistently below 51,700 levels would extend the current fall initially towards 50,930 levels and then finally towards the major support at 50,000 levels.
COPPER Weekly Technical Report 25.06.2012 to 29.06.2012
MCX Copper June as seen in the weekly chart above has opened at 417.50 levels initially moved sharply higher, but found resistance at 424.45 levels. Later prices fell sharply towards 412.25 levels and finally closed marginally lower from the previous weeks closing levels.
For the next week we expect Copper prices to find support at 412-410 levels. Trading consistently below 410 would lead towards the strong support at 406-405 levels. Daily closing below 405 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 397 then 387 and then finally towards the final support at 378 levels.
Resistance is now observed in the range of 424-425 levels. Trading consistently above 425 levels would lead towards the strong resistance at 430 levels. Daily closing above 430 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 441 then 446 and then finally towards the major resistance at 449 levels.
For the next week we expect Copper prices to find support at 412-410 levels. Trading consistently below 410 would lead towards the strong support at 406-405 levels. Daily closing below 405 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 397 then 387 and then finally towards the final support at 378 levels.
Resistance is now observed in the range of 424-425 levels. Trading consistently above 425 levels would lead towards the strong resistance at 430 levels. Daily closing above 430 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 441 then 446 and then finally towards the major resistance at 449 levels.
GOLD Weekly Technical Report 25.06.2012 to 29.06.2012
MCX Gold August as seen in the weekly chart above has opened at 30,061 initially moved sharply higher, but found good resistance at 30,428 levels. Later prices fell sharply towards 29,760 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 29,705 – 29,670 levels and further below strong support is seen at 29,400-29,350 levels. Trading consistently below 29,350 levels would trigger sharp correction initially towards 29,206 and then finally towards the major support at 28,800 levels.
Resistance is now seen at 30,370-30,420 levels. Trading consistently above 30,430 levels would lead towards the strong resistance at 30,720 levels and then finally towards the Major resistance at 31,030 levels. (NEAL BHAI 9999974733)
For the next week we expect gold prices to find Support at 29,705 – 29,670 levels and further below strong support is seen at 29,400-29,350 levels. Trading consistently below 29,350 levels would trigger sharp correction initially towards 29,206 and then finally towards the major support at 28,800 levels.
Resistance is now seen at 30,370-30,420 levels. Trading consistently above 30,430 levels would lead towards the strong resistance at 30,720 levels and then finally towards the Major resistance at 31,030 levels. (NEAL BHAI 9999974733)
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