SILVER Weekly Technical Report 27.08.2012 to 31.08.2012

MCX Silver September as seen in the weekly chart above has opened at 53,646 levels initially moved lower, but found support at 53,520 levels. Later prices rallied sharply breaking both the resistances towards 57,549 levels, and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect Silver prices to find support in the range of 56,540-56,500 levels and then strong support is seen at 56,100-56,000 levels. Multiple closing below 56,000 levels would confirm that the current rally has come to an end and thereby correction can be expected initially towards 55,600 levels, then 54,980 and then finally towards the major support at 54,440 levels.

Strong Resistance is now observed in the range of 57,700-58,000 levels. Multiple closing above 58,800 levels would further extend the current rally initially towards 58,750 levels and then finally towards the major Resistance at 60,100 levels. (NEAL BHAI)

CRUDE Weekly Technical Report 27.08.2012 to 31.08.2012

MCX Crude September as seen in the weekly chart above has opened at 5378 levels initially moved sharply higher, but found good resistance at 5425 levels. Later prices fell sharply towards 5292 and finally closed lower from the previous weeks closing levels.

For the next week we expect Crude prices to find support at 5288-5260 levels and further below strong support is seen at 5223-5203 levels. Daily closing below 5200 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 5133 levels, then 5053 and then finally towards the major support at 4940 levels.

Strong Resistance is now observed in the range of 5420-5450 levels. Trading consistently above 5450 levels would extend the previous week’s rally initially towards 5490 levels, then 5557 and then finally towards the Major resistance at 5600 levels. (NEAL BHAI)

COPPER Technical Report 27.08.2012 TO 31.08.2012

COPPER:-  MCX Copper August as seen in the weekly chart above has opened at 419.60 levels initially moved lower, but found strong support at 414.10 levels. Later prices rallied sharply towards 426.95 levels and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect Copper prices to find support in the range of 422.40-421 levels and further below strong support is seen at 418.40-416.40 levels. Daily closing below 416 levels would indicate that the current rally has come to an end and thereby correction can be expected initially towards 412.20, then 407.90 and then finally towards 402 levels.

Strong Resistance is now observed in the range of 430.80-432 levels. Daily closing above 432 levels would extend the current rally initially towards 438 and then finally towards the major resistance at 443.60 levels.

GOLD Technical Report 27.08.2012 TO 31.08.2012

Gold October as seen in the weekly chart above has opened at 30,158 initially moved marginally lower, but found very good support at 30,121 levels. Later prices rallied sharply towards 30,955 levels and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 30,730 – 30,660 levels and further below strong support is seen at 30,390-30,360 levels. Trading consistently below 30,350 levels would trigger sharp correction initially towards 30,245 then 30,160 and then finally towards the major support at 30,080 levels.

Resistance is observed in the range of 31,180-31,200 levels. Trading consistently above 31,210 levels would lead towards the strong resistance at 31,480 levels, and then finally towards the Major resistance at 32,110 levels. (Neal Bhai 9999974733)