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Tuesday, October 25, 2011

MCX Silver Weekly Report For 24 Oct to 29 Oct 2011

COMEX Silver is in a slightly downward in trend. Last week COMEX Silver was trading in a range for the whole week. For the upcoming week 2600 $ and 2400$ are the crucial supports and 3800$ and 4100$ are crucial resistance in COMEX Silver. In MCX Silver, 62000 and 65000 will act as major resistance and 45000 and 42000 will act as major supports.
STRATEGY
Technically COMEX Silver is weak on charts. For the next week traders can use buy on lower level strategy if Silver sustains above the level of 3150$ an ounce, then above 3180$ COMEX Silver can test the level of 3240/3290$ an ounce. And in MCX Silver sustains above 53700 then it can test the level of 54500/55500/56800, Trade by keeping the proper stop losses.
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MCx Bullion Tips and Commodity Market Analysis strategy For Today

Yesterday's rise in base metals on MCX Today is not seeing same. MCX is seeing a decline in base metals at all.
On MCX Copper has declined 0.7 per cent and is trading at Rs 378.40. Fall 1.4 percent lead is trading at Rs 97.60. Aluminum is a light edge to see. 1 per cent, with weakness of zinc is at Rs. 92 . Away more than 1 per cent of nickel is trading at Rs 984.
While on MCX gold and silver is trading at a slight edge. With 0.3 percent gold is trading at Rs 26 800. Silver gained 0.5 percent is reached at Rs 53 370 . MCX crude oil at Rs 4586 with 1 per cent is reached.
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Gold and Silver Weekly Technical and Fundamental Report 24 Oct To 29th Oct

MARKET OVERVIEW
COMEX Gold is in a technically consolidating on charts for short term. Last week COMEX Gold was trading in a range from 1600$ to 1695$. In the coming week 1600$ will act as a major support in COMEX Gold and 1840$ will act as a major resistance.
STRATEGY
 For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1655 $ an ounce, then above 1697 $ it can test the level of 1710$/1735 $ an ounce. And in MCX Gold above 26950 it can test the level of 27100/27250/27450. Trade by keeping the strict stop losses.
 Major support for COMEX Gold in the coming week is 1530$ and 1470$.
 Major resistance for COMEX Gold in the coming week is 1840$ and 1880$.
 Major support in MCX Gold is 25800 and 25400.
 Major resistance in MCX Gold is 28300 and 28800.
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