GOLD 03.09.2012 TO 07.09.2012

MCX Gold October as seen in the weekly chart above has opened at 30,984 initially moved lower, and as expected found very good support at 30,656 levels. Later prices rallied sharply towards 31,405 levels and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 31,130 – 31,000 levels and further below strong support is seen at 30,860-30,830 levels. Trading consistently below 30,820 levels would trigger sharp correction initially towards 30,382 then 30,198 and then finally towards the major support at 29,756 levels.

Resistance is observed in the range of 31,600-31,630 levels. Trading consistently above 31,630 levels would lead towards the strong resistance at 31,880 levels, and then finally towards the Major resistance at 32,200 levels.

SILVER 03.09.2012 TO 07.09.2012

MCX Silver December as seen in the weekly chart above has opened at 59,700 levels initially moved lower, but found support at 58,601 levels. Later prices rallied sharply towards 61,170 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 60,240-60,200 levels and then strong support is seen at 59,300-59,250 levels. Trading consistently below 59,240 levels would trigger correction initially towards 58,240 levels and then finally towards the major support at 57,670 levels.

Resistance is now observed in the range of 61,880-61,940 levels. Trading consistently above 61,940 levels would lead towards the strong resistance at 62,800 levels and then finally towards the major Resistance at 63,400 levels.

COPPER 03.09.2012 TO 07.09.2012

MCX Copper November as seen in the weekly chart above has opened at 431.15 levels initially moved higher, but found strong resistance at 432.90 levels. Later prices fell sharply towards 423 levels and finally closed lower from the previous weeks closing levels.

For the next week we expect Copper prices to find support in the range of 422.50-421.50 levels and further below strong support is seen at 417.80-416.80 levels. Daily closing below 416.80 levels would indicate that a short term top has been posted and thereby correction can be expected initially towards 413 and then finally towards 408.80 levels.

Resistance is now observed in the range of 431-433 levels. Trading consistently above 433 levels would lead towards the strong resistance at 437.60 and then finally towards the major resistance at 441.10 levels.

CRUDE OIL 03.09.2012 TO 07.09.2012

MCX Crude September as seen in the weekly chart above has opened at 5363 levels initially moved sharply higher and as expected found good resistance at 5424 levels. Later prices fell sharply towards 5257 levels and finally closed marginally higher from the previous weeks closing levels.

For the next week we expect Crude prices to find support at 5295-5285 levels. Trading consistently below 5280 levels would lead towards the strong support at 5130-5110 levels. Daily closing below 5100 levels would indicate that the current rally has come to end and thereby correction can be expected initially towards 4990 levels and then finally towards the major support at 4893 levels.

Resistance is now observed in the range of 5456-5466 levels. Trading consistently above 5470 levels would extend the previous week’s rally initially towards 5548 levels and then finally towards the Major resistance at 5625 levels.