MCX Trade Tips

In Jaipur market, Pure silver (999 purity) was estimating down Rs 800 at Rs 55600 and in Delhi market it was down Rs 750 at Rs 55500.

Spot Silver Rates in major metros in India:

City	Silver 999	Change
Mumbai (Dec 09)	56156	-909
Ahmedabad (Dec 09)	55247	-934
Chennai (Dec 09)	55400	400
Delhi (Dec 09)	55500	-750
Jaipur (Dec 09)	55600	-800

Gold futures have been trading in a much tighter range than usual during current sessions. It is a turnabout from large volatility over the past several months, said our share tips expert.

Analyst with our MCX Tips Expertise said, “The gold volatility indexes GVX and GVZ have moved into the mid-20s, down over 15 points from recent highs. Traders are being struggling between a number of market forces that have pulled the market in different directions. An uncertain economic outlook and the firm dollar have weighed on metals prices.”

“Technically, February gold’s trading range continues to tighten, forming a large wedge. The market direction is not known, however the elevation of the section or triangle suggests that the potential move could be explosive,” share tips experts concluded.

MCX Support and Resistance

Support and Resistance for Gold
R2 is 29570.20 and R1 is 29300.15
S1 is 28845.50 and S2 is 28599.70
MCX Gold can buy on Dips

Support and Resistance for Sliver
R2 is 59950.25 and R1 is 58200
S1 is 56400 and S2 is 54800.10
MCX Silver can buy on Dips

Yesterday it is predicted that all MCX Commodity Market products were closed at negative prices. But now all are trading at positive prices. MCX Gold is trading above Rs. 28,900 and MCX Silver is trading near at Rs. 55,700. Also MCX Copper is trading at higher prices today, it is trading above the level of Rs. 400. Our Commodity Tips and MCX Tips expertise assumes that MCX Gold, Silver, Copper, Crude all are trading at higher price today and all base metals are trading flat.

The downtrend realized in Copper has vanished away due to weakening dollar. LME copper has reached up to $8000 per ton.. On MCX, aluminum, nickel, lead and zinc are trading with a rise of more than half per cent. On domestic market also Copper with nearly 1.20% rise, is trading around 409.50. Other Metals are also gaining

Copper can buy at above 409.50 for TG- 412.50 Stop loss below 406.

Silver on MCX is recovering to some level. In international market, Silver has gained considerably today’s which has been seen in MCX as well. MCX silver as seen in the weekly chart is found resistance at 58785 after it fell suddenly lower towards 55652, and closed lower.

For the next week Our Share Tips and MCX Tips Expertise expects that Silver prices to find resistance at 56800-56950. Trading consistently above 56900 can trigger a sharp rally initially towards 57680, then 58000, and then finally towards 59960. For such fluctuation the 60000, can be a last point at this time. So above that a new trend formation can be perceived.

Now Support is observed at 54880-54830. Trading below 54800 would give correction initially towards 53700, and then finally towards 52806.

Silver March 2012 Overall trend is sideways now resistance at 56000 and downside support at 54000 to watch out. Higher level to sell side.