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.

Gold Updates 27.08.2012

Gold Updates 27.08.2012:- MUMBAI: Country's benchmark October gold contract extended gains on Monday morning to hit a record high of Rs 31,091 per 10 grams, following a rally in the world markets and on a weak rupee.

International spot gold rose to the loftiest level since mid-April on Monday, extending strong gains from last week as expectations for further monetary easing from the US Federal Reserve kept sentiment buoyant.

However, a price rise is set to trim country's gold consumption, and subsequently imports, in the peak festive season.

Investors, looking at short-term gains, have liquidated a portion of their holdings in gold in the last few days after the yellow metal touched Rs 31,000 per 10 gm. Jewellers and bullion dealers say that those who need immediate cash are selling gold now but they will again enter the market shortly as there is a feeling in the market that the yellow metal will touch Rs 32,500 around Diwali.
Bullion analysts say speculative and investment demand of the metal have resulted in prices more than doubling since 2008 curbing purchases from price-sensitive Indian buyers. India's gold imports in the second quarter plunged more than 56% on the year to 131 tonne, according to the World Gold Council.

Rajiv Popley, director of Mumbai-based jeweller Popley & Sons, said: "Gold has already given a 10% return in the first eight months of this year. Some may liquidate gold now but they will again return to the market shortly. Gold may touch Rs 32,500 per 10 gm sometime around Diwali."
Speculators raised their net long positions in U.S. gold futures and options to 140,126 lots in the week ended Aug. 21, the highest since the beginning of May, said the US Commodity Futures Trading Commission.

Investors also piled into physically backed exchange-traded gold funds, lifting the holdings of gold ETFs tracked by Reuters to a historical high above 71.4 million ounces. (Neal Bhai)

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)