WEEKLY COMMODITY REPORT 04th Oct 2010 to 09th Oct 2010

Posted by Bhupendra Adhav on Tuesday, October 5, 2010

Technical Analysis GOLD

Weekly Pivots                                                                                                         

SCRIPT          R4        R3       R2      R1       P       S1           S2          S3         S4

GOLD          1442     1397    1351  1334   1305  1288        1259      1213      1167    

Weekly Chart



Market Overview

COMEX Gold is in an upward phase. Last week COMEX Gold sustained above the level of 1305$ and made a high of 1322$ an ounce. In the coming week 1270$ will act as a good support in COMEX Gold, if COMEX Gold sustain above 1300$ an ounce then above 1325$ an ounce it can touch the level of 1340$ an ounce and below 1300$ if COMEX Gold sustains then it can slightly correct and test the level of 1275$ an ounce.

Strategy

For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1305$ an ounce, then above 1325$ it can further go upward and can test the level of 1340$ an ounce. Trade by keeping the strict stop losses. Major support for COMEX Gold in the coming week would be 1270$ and 1240$. Major resistance for COMEX Gold in the coming week would be 1330$ and 1350$ Major support in MCX Gold is 18900 and 18500 Major resistance in MCX Gold is 19400 and 19700. 



MCX Tips for Today

Here we daily post MCX Tips for Today for Bullion Commodity Gold Silver, Energy Crude Oil and Natural Gas and Base Metals - Copper, Zinc, Aluminum, Lead and Nickel Tips trend and trading levels for today.
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