Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Commodities

| More

MCX Gold October future continues bearish trend

Posted On: 2014-09-20 21:54:11

Commodity Market Forecast - Mr.Vivek Gupta, Director Research, CapitalVia Global Research Limited

Gold as a commodity continued to follow the similar events/data points which have been weighing the metal for over last couple of month. On one side equities decelerated moderately, the metal remained steady to weaker in the earlier half before plunging down to multi month lows of Thursday and Friday. Gold Comex Dec shut shop by 0.7% down to $1227 per ounce while also touched a low near $1215 during the day. Subdued US housing data may have prompted buying interest from lower levels though trend still stays down. We saw good slide in Bullion yesterday and likely that weakness would continue today following better equity movement in Asian market. There are no major changes seen over physical demand side or either the ETF side though it would not be surprising for us if we see some short-covering post the commodity slipped down to fresh 8 month lows in the week. We expect gold prices to trade on the negative note as the plans to raise U.S. interest rates sooner than expected and expectations for a stronger U.S. currency in the longer run likely to keep Bullion market under pressure.

Over all, MCX Gold October future is in bearish trend and sustaining around lower levels. For the coming week 26200/25800 will act as a major support whereas 27200/27500 will act as a major resistance level in MCX Gold October future. For the next week in MCX Gold, trader can use sell on higher level strategy, if MCX Gold October future sustains below the levels of 26400 then it could test the levels 26200/25800.

Technically, MCX Silver December futures is in bearish trend and sustaining around lower level from last couple of the week. For the coming week 41500/42900 will act as a major resistance levels where as 38200/37000 will act as major support in MCX Silver December futures. For the next week in MCX Silver futures, traders can use sell on higher level strategy, if MCX Silver December futures sustains below 40400 then it could test the levels of 39400/38200.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Castor seed prices may correct due to arrival pressure: Angel Commodities Broking
US import curbs cushion Aluminium: Angel Commodities Broking
Jeera down on reports of higher production prospects: Angel Commodities Broking
Cotton may trade lower on anticipation of improved arrivals: Angel Commodities Broking
Correction in the metals pack - An opportunity for longs? - Angel Commodities Broking
OPEC and its output cap, the never ending story: Angel Commodities Broking
Nickel resumes its freefall after a brief rally: Angel Commodities Broking
Jeera hit all time high on export demand, diminishing stocks: Angel Commodities Broking
Edible oil slipping from 10 month high on record imports and higher oil seed production in 2016/17: Angel Commodities Broking
Sluggish Chinese economy hits base metals: Angel Commodities Broking
Will the rally continue for oil prices? Angel Commodities Broking
Battery demand prospects fuel Nickel to two-year high: Angel Commodities Broking
Castor seed heading for first monthly loss in 5 months in October: Angel Commodities Broking
Mustard prices likely to trade higher in coming month on improved demand: Angel Commodities Broking
Aluminium rules the commodity charts: Angel Commodities Broking
Zinc shines bright thanks to supply woes, China's RRR cut: Angel Commodities Broking
Weekly Agri-Commodities Update | Angel Commodities Broking
Double whammy of North Korea, S&P downgrade hits metals: Angel Commodities Broking
Early Chinese output cuts boost metals: Angel Commodities Broking
Weekly Agri-Commodities - Update - Angel Commodities Broking
Profit booking, weak Chinese data bother base metals: Angel Commodities Broking
Safe haven play back in gold: Angel Commodities Broking
Weekly Agri-Commodities Update - Angel Commodities Broking
Steel rally, Chinese demand prospects - win-win for base metals: Angel Commodities Broking
Turmeric surge on diminishing arrivals and improving demand: Angel Commodities Broking
Weekly Agri-Commodities Update - Ritesh Kumar Sahu - Angel Commodities Broking
Bull run in metals far from over: Angel Commodities Broking
Safe haven play back in precious metals, Oil falls on over supplied markets: Angel Commodities Broking
Weekly Agri Commodities Update: Angel Commodities Broking
Castor Prices surge on higher exports, crop damage: Angel Commodities Broking
Steel rally pushes base metals to new highs: Angel Commodities Broking
Oil loses its shine this week, Non farm payrolls the focus tonight: Angel Commodities Broking
Weekly Agri - Commodities Update: Angel Commodities Broking
Guar prices surge on good exports and heavy rains: Angel Commodities Broking
Nickel jumps to highest since April'17: Angel Commodities Broking
Fearing record imports, Pepper hit lower circuit on MCX and NCDEX on debut: Angel Commodities Broking
DX nosedive to 11-month lows; base metals rejoice: Angel Commodities Broking
Weekly Agri-Commodities Update: Angel Commodities Broking
Crude oil outshines the commodities space - gains solid 5 percent this week: Angel Commodities Broking
Turmeric prices surged to 11 month high: Angel Commodities Broking
Commodities loses its charm in the recent weeks: Angel Commodities Broking
Crude oil in a state of supply overhang: Angel Commodities Broking
Chinese economic recovery supports metals in June'17: Angel Commodities Broking
Rising ore supplies dim Nickel prospects: Angel Commodities Broking
Supply glut woes jump; oil markets slump: Angel Commodities Broking
Guar prices declines on good rain forecast and weak crude oil prices: Angel Commodities Broking
Commodities Perspective - Normalization of its balance sheet, the new agenda for US FED: Angel Commodities Broking
Cotton trade in a range in 2017, may drop on higher production and lesser exports forecast: Angel Commodities Broking
Currency Perspective - RBI cuts inflation projections on the back of robust monsoon season: Angel Commodities Broking
Chinese economic woes hurt metals in May'17: Angel Commodities Broking


Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018