MCX Gold and Silver Updates For Today: 31st March '12

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Due to lack of clear signals from the international market, gold and silver is being witnessed in the weak business. Light falling on MCX gold is trading down to Rs 28076. Silver on MCX has recovered slightly and was trading below Rs 56795.

Spot gold has fallen below the 200-day simple moving average again and formed a death cross, a technical sell sign, for the second time in less than four months.

This could be a more reliable sell signal than the death cross that appeared in mid December and point to a bearish 2013 for the gold market because a repeat death cross can indicate that the market is ready for a sharp correction.

Taking cues from rise in gold prices coupled with upside in base metals pack, spot silver rose around 0.6 percent till 4.30 pm IST today. Additionally, weakness in the US dollar index also acted as a supportive factor for the white metal prices.

Crude Updates For Today, MCX Commodity Tips

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The daily price chart suggest that prices have given a breakout from a symmetrical triangle. Daily stochastic is building strength and prices are trading above short term averages. We expect prices to go up to levels of 5550 levels. 

NYMEX nearly 1 per cent on crude oil is traded, the price is above 106 dollars a barrel. Grel 0.25 per cent in the last week, crude oil vas down to Rs 5485. Oil traded near the highest level in two days in New York before data this week that may show a strengthening U.S. economy, signaling rising fuel demand in the world's biggest crude-consuming nation. 

Futures were little changed after climbing 1.4 percent on March 23. Manufacturers in the U.S. probably received more orders for durable goods in February and consumer purchases climbed the most in five months, economists said data this week will show.

We recommend a buy around 5450 levels with a stop loss placed below 5380 levels for a target of 5550.

MCX Gold and Silver Trend Today

After witnessing heavy downfall of nearly 1000 during last week, MCX Gold prices have been range bound for last couple of trading sessions. The trend of this precious metal on multi commodity exchange is still obscure therefore traders are still unclear about the further move of Gold proces.

Technically Gold prices are likley to remain slightly positive for the day, Trading above 28100 may trigger some short term rally. Below 27870 one can go for intraday short in MCX gold.

MCX Silver is likely to remain negatively biased as long as prices remain below 59100. A straight fall Below 58350 would invite more downside in silver.

Commodity Updates: Comex and MCX Silver Weekly Analysis

Silver rose 3.7% and reached to $31.67/ounce this week. It was third straight week when silver witnessed profit. Comex silver fascinated the traders after it broke the resistance level of $30.50 which along with the physical demand of silver boosted the prices in Exchange as well.

Technically comex silver is in upward phase and prices are likely to go up in current week as well. Last week Silver managed to prevail the higher level and finally closed near its week high. For upcoming week $27.5-$26 are acting as crucial support level while resistance levels are $34-$35.50.

MCX Silver march contracts settled up near 55500 and its is likely to face a stiff resistance of 56000. Traders can adopt buy on dip strategy in MCX Silver.

MCX Crude and Copper Updates Today

Crude oil is in range bound mode and trading in a tight range of 5095-5113 rupees on MCX. US inventory data had an bearish impact on Crude price and Crude futures has come down to 5060 level. This weakness is likely to prevail till 5050 level and a trade below the same may invite more downside.

Due to profit booking, Copper prices has declined to 420 level but the overall near term trend is still intact. As long as prices hold the level of 416.50, we can expect prices to prevail the positive trend while below the same level prices are likely to face a sell off till 409 level.