1. Weekly Commodity Technical Analysis & Outlook 02 July – 07 July 2012
WEEKLY COMMODITY
OUTLOOK TECHNICAL
ANALYSIS & UPDATES
WWW.MCXNCDEXTIPS.COM
02 – 07 JULY 2012
2. Weekly Commodity Technical Analysis & Outlook 02 July – 07 July 2012
CONTENTS:-
MCX GOLD WEEKLY OUTLOOK
Gold dipped in the line of expectation settled with a fall -1.16% after data showed the US
economy`s growth rate was unchanged in the first quarter and first-time filings for jobless
benefits last week fell slightly. Gold investors will be closelywatching US data in the Q2 for
clues as to the likelihood of a fresh QE3, which could potentially hurt the dollar and support
gold. Meanwhile, investors remained cautious ahead of a EU summit due to begin. Copper
rebounded globally after a slowdown in the past days on account of the
prevailingeconomic woes. The red metal had a good session in metal exchanges globally
last week, including Indian MultiCommodity Exchange (MCX) and London Metal
Exchange(LME). Indian copper witnessed a rebound in MultiCommodity Exchange (MCX)
last week, supported by promising U.S. housing data that calmed worries about the state
of the world`s top economy. In Indian market positivehome sales data and depreciation in
Indian rupee both supported copper to trade higher.
Gold MCX Aug Buy @ 29700 Target - 30480 Stop Loss - 29400
MCX SILVER OUTLOOK
Silver is looking technically weak on charts. Last week, silver was trading in a range for the
most part of the weak . For thecoming week, 51,200 and 48,500 are the major supports
whereas 55,200 and 56,700 are major resistance in MCX Silver. For the next week,
traders can use sell on higher levels strategy. If silver sustains below the level of 53,200
then below 52,500 silver can test the level of 51,300/50,100.
Go for Buying Silver @ 51987 Target- 55500 Stoploss- 51200
MCX CRUDE OIL
The daily price chart suggest that there is a positive divergence where prices have made a lower low
but RSI has made a higher high. Daily RSI has given a positive crossover and prices are trading
close to short term averages. We recommend a buy around 4670 levels with a stop loss placed
below 4600 levels for a target of 4880 levels.
Buy Entry Near - 4600 Target - 5030/5175 Stop – 4447
MCX COPPER TREND
MCX copper has provided breakout from an inverted head and shoulders pattern. The upside target
is 443 and above that 455. The neckline support is pegged around 418 on closing basis. The best
strategy is to buy on dips as the risk-reward will favor bulls. Daily RSI(14) has come into buy mode
which is a positive sign in the short term.
Buy Entry 423 Target 443/455 Stop Loss- 418
3. Weekly Commodity Technical Analysis & Outlook 02 July – 07 July 2012
MCX NICKEL TREND:-
MCX Nickel failed the bearish head and shoulders pattern which results into trend reversal. Now,
the trend has shifted in the hands of the bulls. It has also broken the downtrend line, so till it
sustains above it, the strategy should be long only. The support levels are 914 and 904, whereas, the
upside potential targets are 965 and 980.
Buy MCX Copper Entry 435 Target-465/480 Stop Loss-404
MCX NATURAL GAS TREND:-
The daily chart of Natural Gas suggest that prices have reversed after taking support at 152 levels. It
is in a buy mode and prices are trading above short term averages. We recommend a buy around
155 levels with a stop loss placed below 150 levels for a target of 162.50 levels.
Weekly Technical Calls for this week
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4. Weekly Commodity Technical Analysis & Outlook 02 July – 07 July 2012
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