Intraday Gold Silver Tips

GOLD (Feb 2012) -
Last week it was mentioned that 27210 is a strong support, and further weakness below that level. But it made a low of 27180 and a sharp rebound resulted in it making a high of 28094 and finally closed near to weekly high.

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Gold--
Gold today declined for the first time in three days as a rally to a six- week high spurred some investors to sell the metal amid lower demand from Asia. The gold fell USD 8.56, or 0.5 per cent, to USD 1,668.61 an ounce after reaching USD 1,681.40 yesterday amid concern about Europe's debt crisis and as the European Union ban on imports of oil from Iran as part of measures to increase the pressure on its nuclear program.

Best Commodity Tips

Crude prices are holding support at 4930 levels and witnessed buying interest, one can buy crude around 5020 - 5010 with a stop loss below 4945 for the target of 5110. Oscillators are suggesting a bounce back.

Copper prices are witnessing buying interest from lower levels and prices are expected to trade positive for the day. One can buy around 418 with stop loss below 412. oscillators are expected to trade in positive zone.

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MCX GOLD: Feb 2012
Overall in consolidation range for the last week and unable to cross 27700-280100 indicating some selling pressure at higher level... As and when the picture will be clearer, till then wait and watch for clear break out /direction.

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Natural gas prices plunged to decade lows Thursday, on a U.S. supply level report and warm winter weather.

Gold futures were likely to find support at USD1642.14 a troy ounce, the previous day's low and technical resistance exists at USD1671.35 a troy ounce, today's high.

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MCX CRUDE (FEB) -As expected, the easing tension between USA and Iran resulted in some selling pressure or profit booking in this commodity. Last week, it made a high of 5360 and low of 5102. Short-term trend is bearish as long as below 5265-5400... Once break...?...free fall on the card. Today: Now consider resistance at 5180 and support at 5100; higher-level, some profit booking to continue.

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MCX Commodity Tips

Commodity market increased considerably after the In in german Constitutional court decided in favor of ratifying the Euro Zone rescue fund and budget pact. Earlier today, precious metals and base metals were trading mostly steady with a positive bias. However, favorable judgment from the In in german court put the overall market sentiments, forcing up European to a 17-week bullish. The precious metal were looking glossy and spot gold breached its recent high of $1741.20 an ounce.

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MCX Gold futures closed at their best in 4-weeks,breaking a 2-session losing spell, as the dollar traded lower and a rally in other commodities & stocks added further support to the momentum.

Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,254.57 tons, as on Dec. 22.

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GOLD: Feb 2012

Dollar Index moved due to Euro zone worries and made a 52-week high of 81.60. Strength of Dollar and fresh up side break out turned out to be a bad news of Commodity market and panic on selling cannot be ruled out.

Last week, some volatility was seen, which resulted in it making a low of 27270 and high of 27944, and finally closed at 27764.

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MCX Silver: - MCX Silver has formed a Hammer candlestick pattern near its previous support level. Now 48500 zone becomes a crucial support level and till is held a short term bounce is expected in Silver.Recommendation: Buy Silver at Rs50500 for a target of Rs53000 and a stop loss of Rs48500.

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GOLD: Feb 2012 -

As last month, it was predicted that once broken the long-term trend line of 28300, overall bearish and big sell-off expected, and it actually did and finally made a low of 26417. But due to short covering and some fresh buying it managed to close at 27324. Overall trend is bearish and rise-to-sell opportunity, as long as remains below trading...... Our target of 25000 below... Just have patience. At current trend some up-side likely. Major resistance at 28240-28300.

Today's Commodity Tips

MCX Gold February future was trading at Rs 27,050 per 10 grams, up Rs 219 or 0.82% over previous closing value. It has touched an intraday high of Rs 26,942 and low of Rs 27,094.

Gold June futures went up 0.92% to Rs 27,532 per 10 grams. It has touched an intraday high of Rs 27,530 and low of Rs 28,076.