Thursday, July 7, 2011

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GOLD: (August) : Today: Sharp move on yesterday due to strong buying by some big funds and ease debt by Greece. Today Support watch out 22090-22100, higher-level resistance 22257 and sustained above it will show strength. In Comex watch out stiff resistance US$ 1546. 

SILVER (SEPT) : Today: Above 51720 target achieved as per weekly chart at 54251 (high 54378). Short-term trend is bullish for long term bearish. Trend will change only if continue close above 60000 mark. Today support 53600 and weakness only below if sustained with volume.... Higher level above 54432 it will show strength and may test 55000 marks. 

All Hedge Fund already exit in Silver and do not expect it will test again new high. Cycle of up side already over. First cycle was started in 1980 and second cycle started in 2011 after 31 years gap....so you decide next cycle when start..

Crude Oil  : Technically, Crude Oil has given 2 Bearish Breakout i.e. one from a "Pennant/Triangle Pattern" target of which is $84-$85 (With a possibility of pullback move towards $95-97. Secondly it has also moved below the Rising Trend line since 25th August when it touched $71-$72 and subsequent higher lows.

Gold, silver futures moved bullish with marginal gains during the second half of trading on Multi Commodity Exchange (MCX) Wednesday. Global gold prices traded flat as markets consolidated. Silver futures retreated nominally. Overseas spot gold currently traded at USD 1,513.95/oz, up 1.83. 

MCX gold, most active August contract traded at Rs 22,000/10 gm, up Rs 32 and fluctuated between Rs 22,049- 21,956/10gm. Volume was 16,859 lots. 

Gold mini, most active August contract traded at Rs 22,008/10 gm, up Rs 33 and fluctuated between Rs 22,056- 21,963/10gm. Volume was 27,047 lots.

Most active silver September contract gained Rs 76 at Rs 53,298/kg and so far made intra-day high and low of Rs 53,970- 52,765/kg so far. Volume so far was 67,103 lots.

MCX silver mini most active August contract advanced by Rs 91 at Rs 53,335/kg and traded between Rs 53,989- 52,800/kg. Volume recorded 107,041 lots.

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