Gold Silver News- 29 June, 2012

After the bloodbath seen in bullion metals yesterday, Silver has seen some recovery and it has witnessed an upside of nearly 1%. Gold has to suffer due to rupee strengthening against Dollar. With Slight decline, MCX Gold is trading at 29636 level. However Precious metals in the International market are trading higher but gold prices in MCX are still trading with red mark. Aa buoyancy in prices could be seen in domestics Gold Silver during evening trades.


Technical support for MCX Gold is 29580 below which gold commodity can extend yesterday's  bearishness to 29400-29350 level. 29750 is Acting as stiff resistance for upside.


For Intraday, traders can buy Silver above 52250 for the targets of 52500-52750-5300 but a trader below 52000 would give a red signal for selling position.

MCX July Futures seems to have come out of negative bias and it witnessed some good rallies yesterday. However Today Comex Silver is trading lower in International market which afftected domestic market also. MCXSilver (July Futures) opened today at 53569 and currently trading negative down by 0.19%.

Apart from gblobal cues, technical levels which may affect the trend of silver are as below-
Resistance level- It has immeditae resitance in the range of 53750-53900 breaching through which will upthrust the positiveness.
If this precious metal sustains above 53900 consistanetnly, we can expect prices to touch 55000 soon.
Support level- can be seen near 53000 level braching which may cause silver to crash down to 52500 -52000 level.

As the technical chart suggested, Last week, COMEX Gold  was sustaining on lower levels and it was

trading upside for most part of the week but market closed with the break down of previous weekly

low. For current week $1525 will act as crucial support while $1720 could be the resistance level for international Gold.

For the next week traders can opt for sell on higher level strategy. Sustaining  below $1650 /ounce, can lead the prices towards $1540/$1525/$1510. 

COMEX Silver is technically consolidating on lower levels on charts.  $2600  and $2450 are the

crucial support levels and 3090$ and 3260$ are crucial

resistance levels. 

Despite weakness in rupee against the dollar, Bullion market is trading under pressure in domestic commodity market. MCX Gold is trading below Rs 30000 level. August contract of this precious metal has seen a slight decline today and trading near 29800 level. However the market take a bounce back at around 29750 and It can day traders to go for buy in lower level.

MCX Silver is having major support level at 52700 level below which we can expect some more downside in silver metal. A trade above 52900 would ensure positive trend for intraday.

MCX gold saw a drop of 0.38% on Tuesday and finally settled at Rs 30201 while silver slipped 0.84% to close at 54461. Today, Comex gold tarted off the day with slight decline while silver is trading with slight edge. silver can be a preferable pick for trading in MCX.

 MCXsilver is currently trading near 54450 level. For an intra-day trade, one can buy Silver above 54750 for the targets of 55000-55200 level. But if it breaches the support level of 54150, it may extend yesterday's losses. 

 On the other hand, Gold is trading at around Rs. 30250. One can Buy MCX Gold above 30250 for the targets of 30350-30400. While below the level of 30150, Traders can go for sell.

Decline in International bullion metal caused a negative start up for gold Silver prices on MCX. A sharp initial fall has been seen in domestic precious metals. With nearly half percent decline, MCX Gold is likely to come below 30000 level which is the nearest support level. A trade below this level can harm the anticipated intraday positive trend of Gold commodity.

Silver has also come down to 54300 level After witnessing 0.40% drop. It may slip further below 54150 level. So day traders can go for short in mcxsilver for the targets of 53850-53600.

Domestic bullion metals are trading congruently with both Gold and Silver are trading up by 0.28% and 0.26% respectively. The market is likely to negate the expert's expectations that the trend would remain bullish for precious metals. A consolidated trend with slightly positive trend is expected to remain with Gold and Silver commodities.

Technical charts suggests the immediate resistance for Silver near 55350-55500 level while it is facing support at 54850. A breach in either side would decide the trend accordingly. In mcxgold one can go for buy on decline strategy.  

Precious metals are likely to trade with positive bias. However international market has seen a weak opening in bullion metals.

Nymex Crude has slipped nearly 0.755 so domestic market may run negative on this concern. So below the level of 4600, Crude may decline to 4550 level but a trade above 4655 can invite positive momentum also.

Base metals are trading higher today. Leads, Zinc nickel and copper has started off the day with green mark. Copper is expected to trade sideways with positive bias Breaching the resistance level of 414.50 can bring prices up to 416-418 level.

MCX Tips for Today-

Buy Silver Above 55150 TG- 55350-55500-55800 Stoploss below 54900

Gold and Silver have seen a slight decline in international market. Comex Gold and Silver are trading near $1592 and $28.4 per ounce respectively.

In domestic market, MCX Gold opened with positive note while Silver started the day with red mark. However trend of bullion metals is likely to remain sideways to positive so we can expect prices to go up also.

Technical charts suggests resistance for Silver near 54850 level and above this level it may go up to 55300-55500 level. 54350 is the crucial intraday level for downside.

MCX Gold, if manages to stay above 29850 consistently, it may touch 29900-30000 level. 29650 is the stiff resistance level for downside.

Last week MCX Silver closed at Rs 29548 with marginal decline and Silver also witnessed marginal decline to close at Rs 54191.

The bullion market has started the first day of week with positiveness. Comex Gold Silver are trading up nearly 0.50% and 1% respectively as an effect, domestic market also opened with positive note. Gold is trading above 29600 level and it may target 29750-29900 level today while silver is heading towards 55000 level if it manages to prevail 54600 level.

Silver seems to have immediate Resistance near 55000 level and support at 54350. Any trade beyond either side would decide the intraday trend of this precious metal.

Bullion metals could not extend the bullish trend seen on Wednesday and prices witnessed a sharp decline today. MCX Gold has shattered 1.5% from the high it made yesterday. Sstrengthening of the rupee against the dollar and weaker trading seen in the international market has affected the Gold Silver prices in domestic market also, MCX Gold has come down below 30000 level and now trading near 29850 after declining 0.70% while silver has lost nearly 1% and it is trading near 55300 level.

Support for Silver could be sensed at 55000 level. Below this level we can expect silver prices to stumble further to 54600-54300 level.

Traders can initiate short selling in Silver today and the in Gold Buy on decline strategy can be adopted.

Gold futures prices have touched a record high today. It August contract touched a high of 30295 and currently trading near 30250, up by 0.80%. Bullion metals have witnessed upside in international market also. COMEX gold is trading up by about $15.

Traders can go for buy on lower level strategy in MCX Gold.

MCX Silver after yesterday's sluggish trade, now riding the bull today. It has crossed the level of 55500 and currently heading towards 56000 level.

The strong global cues like strong opening of Gold and silver in international market can support the bullion prices in MCX also. The market has shown a positive opening and precious metal started off the day with positive note. Gold (August) futures can go above 30,000 mark. Silver is also trading up 0.47% its July contract is likely to touch 543500-54600 level if it consistently trades above 54000 level.

To know more about silver and Gold trading alerts your can visit Gold Tips and Silver Tips pages separately.

Despite the speculations that market will rebound in coming few days, Bullion metals are facing selling pressure in Both domestic and international markets. MCX gold is currently trading below 28950. Intraday traders can buy MCX Gold around 28750 (On Dips) for the targets of 28850-950-29100.

Silver has decline nearly 1% and heading towards 53200-53000 level. Crucial support for MCX Silver (July Futures) can be seen near 53150-53000 level. However, if Silver trades above 54500 consistently, the bullish trend can be seen again.