Tag Archives: mcx silver

MCX Gold, MCX Silver to witness short covering this week; MCX Crude Oil, MCX Copper bearish

1 Jul

Gold and silver on India’s Multi Commodities Exchange crashed to lower levels last week. Crude oil gained on high demand from investors while copper was still on the verge of a downfall.MCX Gold, MCX Silver, MCX Crude Oil, MCX Copper

Algorithmic trading with mechanical sell positions promoted steep fall in gold and silver prices. Persisting slow down in Chinese economy and sad state of affairs in European economy ensured the commodities remained in bearish zone. High demand from importers kept crude oil in positive territory.

MCX gold for August delivery may trade sideways to down this week. Short covering is expected at lower levels. Support: 24800, 24000; Resistance: 26300, 27100

MCX Gold traded in the range of 24830-27000 last week. The commodity remained in bearish territory as U.S gold crashed to $1183 per oz.

Release on U.S Nonfarm pay rolls, Weekly Jobless Claims, Trade Balance and Spending may put pressure on gold prices in the global markets.

MCX silver for September delivery may trade bearish this week. Sell on rise is advised to the traders. Support: 39000, 38000; Resistance: 41700, 41999

Last week, MCX silver traded in the range of 38536-41334. The commodity crashed tracking gold prices. COMEX silver also witnessed a bear rally to lower levels.

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Chinese HSBC Services PMI and Euro zone retail sales data is likely to announce this week. Worries over Chinese economy may put pressure on silver prices.

MCX crude oil for July delivery may trade with negative bias this week. Support: 5550, 5310; Resistance: 5850, 5890

MCX crude oil traded in the range of 5570-5867 last week. Depreciation of Indian Rupee to 60.5 levels against dollar capped further fall in crude oil prices.

American Petroleum Institute release on US crude oil and gasoline inventories are scheduled for Wednesday. Weakness in Dollar Index may impact crude oil prices further.

MCX copper for June delivery is expected to trade sideways this week. Support: 398, 389; Resistance: 418,420

MCX copper traded in the range of 406-413 last week. The commodity witnessed low volatility on Chinese outlook.

Indian HSBC Services PMI and U.K Construction Purchasing Managers Index (PMI) data are scheduled for the week. Short recovery is expected for copper around 394-392 range.

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Silver prices rebound on MCX, July futures up 0.3%

27 Jun

Silver prices rebounded with marginal gains Thursday, after previous day’s sharp fall. It fell below Rs 40,000 per kg level in previous session.

At 11:33 hours IST, MCX SILVER July contract was trading at Rs 39681 up Rs 113, or 0.29 percent. The SILVER rate touched an intraday high of Rs 39863 and an intraday low of Rs 39501. So far 5717 contracts have been traded. SILVER prices have moved down Rs 25329, or 38.96 percent in the July series so far.

MCX SILVER September contract was trading at Rs 40042 up Rs 157, or 0.39 percent. The SILVER rate touched an intraday high of Rs 40224 and an intraday low of Rs 39884. So far 1521 contracts have been traded. SILVER prices have moved down Rs 17277, or 30.14 percent in the September series so far.

MCX SILVER December contract was trading at Rs 40939 up Rs 222, or 0.55 percent. The SILVER rate touched an intraday high of Rs 41041 and an intraday low of Rs 40900. So far 10 contracts have been traded. SILVER prices have moved down Rs 6230, or 13.21 percent in the December series so far.

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