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

Weekly Report Commodity 04th Oct 2010 to 09th

Technical Analysis SILVER

Weekly Pivots                                                                                                        

SCRIPT         R4        R3        R2         R1         P           S1        S2        S3         S4

SILVER       2509     2398      2287   2246     2176      2135    2065     1954     1843   

Weekly Chart

Market Overview

COMEX Silver is in an upward phase. Last week COMEX Silver sustained and closed near to its high of 2206$ an ounce. For the upcoming week 2150$ and 2100$ are the crucial supports and 2250$ and 2300$ is a crucial resistance in COMEX Silver.

Strategy

For the next week traders can use buy on lower level strategy if Silver sustains above the level of 2150$ an ounce, and above 2225$ an ounce it can further go upward. Trade by keeping the proper stop losses.