CRUDE UPDATES 23.07.2012 TO 27.12.2012

MCX Crude August as seen in the weekly chart above has opened at 4830 levels initially moved marginally lower, but found good support at 4803 levels. Later prices rallied sharply breaking both the resistances, but finally found resistance at 5147 levels, corrected towards 5042 and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect Crude prices to find support at 5012-5000 levels. Trading consistently below 5000 levels would lead towards the strong support at 4950-4930 levels. Daily closing below 4930 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4860 then 4782 and then finally towards the major support at 4670 levels.

Strong Resistance is now observed in the range of 5210-5230 levels. Trading consistently above 5230 levels would further extend the current rally initially towards 5271 levels, then 5355 and then finally towards the Major resistance at 5400 levels.

COPPER UPDATES 23.07.2012 TO 27.12.2012

MCX Copper August as seen in the weekly chart above has opened at 425.70 levels initially moved sharply higher and as expected found strong resistance at 431.70 levels. Later prices fell sharply lower towards 419.75 levels and finally closed lower from the previous weeks closing levels.

For the next week we expect Copper prices to find strong support in the range of 417.50-417 levels. Multiple closing below 417 levels would indicate that a short term top has been posted and thereby major decline can be expected initially towards 412.60, then 409.20 and then finally towards 402.05 levels.

Strong Resistance is now observed in the range of 424.50-425.50 levels. Trading consistently above 426 levels would renew the previous rally initially towards 429.40 then 436 and then finally towards the major resistance at 441 levels.

SILVER UPDATES 23.07.2012 TO 27.12.2012

MCX Silver September as seen in the weekly chart above has opened at 52,721 levels initially moved sharply higher, but found resistance at 53,098 levels. Later prices fell sharply towards 52,305 levels, but recovered sharply towards 52970 and finally closed marginally higher from the previous weeks closing levels.

For the next week we expect Silver prices to find support in the range of 52,390-52,340 levels. Trading consistently below 52,340 levels would trigger a sharp correction initially towards 51,950 levels and then finally towards the major support at 51,350 levels.

Resistance is now observed in the range of 53,180-53,230 levels. Trading consistently above 53,260 levels would trigger a sharp rally initially towards the strong resistance at 53,540 levels, then 54,243 and then finally towards the major Resistance at 55,160 levels.

GOLD UPDATES 23.07.2012 TO 27.12.2012

MCX Gold August as seen in the weekly chart above has opened at 29,230 initially moved higher and as expected found resistance at 29,370. Later prices fell sharply towards 29,133 levels and finally closed marginally higher from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 29,150 – 29,130 levels and further below strong support is seen at 29,020-29,000 levels. Trading consistently below 29,000 levels would trigger sharp correction initially towards 28,900, then 28,767 and then finally towards the major support at 28,480 levels.

Resistance is now seen at 29,390-29,450 levels. Trading consistently above 29,460 levels would trigger a rally initially towards 29,550 then 29,680 and then finally towards the Major resistance at 29,836 levels.