MCX Trade Tips

"MCX Trading" Tips: Gold futures recovered from lows under $1770 per ounce today for quoting around $1780 per ounce mark on bargain hunting.

MCX GOLD GUINEA February contract was trading at Rs 22706.00 down Rs 14.10, or 0.07% and touches an intraday high of Rs 22727.00 and an intraday low of Rs 22918.00. So far 1581 contracts have been traded.

Silver is well-known volatile, white metal had a delighted performance since the beginning of the year 2012. Silver is one of the top players for the month of January 2012 which returns handsome more than 19.36% at the international frontier. More information about MCX Silver visit my site mcx-trade-tips.blogspot.com

Though, at MCX, rupee appreciation has limited the upside.In the latest US CFTC commitment report of traders report, profitable net short positions have been gradually increasing while large speculators are steadily adding to their net long positions. Commercial are commonly hedgers while large speculators are big banks, institutions and HNI.

Today MCX Silver Looks good and decline to buy opening after making a high of 57210 and above, was not able to sustain and made a low of 55851 and close above 56220. As long as holds the 55110-level, trend is positive and buying opportunity. Higher-level major breakthrough above 57540 if crossover with volume.

GOLD (April)
The overall trend is sideways for today but any decline to buy opportunity. In the last week it made a high of 28341, a low of 27568, and is managed to close above 291400 indicating small trading range. Any dip to buying opportunity considering resistance 28510.

MCX GOLD April contract was trading at Rs 28775.00 down Rs 151.00, or 0.61% and touches an intraday high of Rs 28082.00 and an intraday low of Rs 28158.00. So far 9899 contracts have been traded.

MCX GOLD June contract was trading at Rs 27412.00 down Rs 161.00, or 0.63%. Touches an intraday high of Rs 29477.00 and an intraday low of Rs 28415.00. So far 283 contracts have been traded.

MCX Tips for Today:

GOLD (April)
The overall trend is sideways and in the last week Gold made a high of 29611 and a low of 25808, and finally succeeded to close above 28394. In this week support is at 28190-28110-27890, higher-level crucial resistance within the 28620-29500 range and crossover will move more towards 28800+.

India gold futures are expected to open higher, recovering from Friday's sharp losses, following a related trend overseas, our MCX Tips expertise said.

MCX GOLDPETAL March contract trades flat:

MCX GOLDPETAL February contract was trading at Rs 2838.00 unchanged and touches an intraday high of Rs 2881.00 and an intraday low of Rs 2871.00. Thus 51194 contracts have been traded.

GOLD (April):It was mentioned in the last week that 27300 is a strong support and extra faintness is there below that level. However it made a low of 27280 and a severe recover resulted in it making a high of 28194 and lastly closed near to weekly high. The overall short-term trend is bullish and considers support at 27840-27610 and resistance at 28300 in coming days. Buy on decline strategy.