IRIS reported that CapitalVia Global Research has come out with report on commodity outlook for the week. It gave following outlook on gold, silver and copper:
Gold - A gold future is trading at lower levels as the sharp rise in rupee against the dollar weighed on prices. Gold traded in a narrow range, on course for a biggest weekly drop this month as uncertainty over the US fiscal cliff talks influenced investor confidence. A successful Greek debt deal and a strong Euro pushed prices higher last week but it erased most of such gains in the early trading of this week. In the last week, we also saw the profit booking in the market due to higher value of the rupee against the doller.
Over all, MCX Gold February future is range bound and also sustaining at lower levels. So for the coming week 31,250 and 30,750 will act as a major support where as 32,200 and 32,900 will act as a major resistance level in MCX Gold February future. Last week MCX Gold February future was sustaining around 31,800. For the next week if MCX Gold February future does not sustain below the level of 31,600 then trader can buy on that levels and could test the level of 32,200 and 32,750.
Silver - Technically MCX Silver future is consolidate and also, sustaining around 65,000 levels. Last week MCX Silver March futures were sideways around higher levels. For the coming week 66,120 and 67,500 is the major resistance levels whereas 62,200 is a major support in MCX Silver March futures. For the next week traders can use buy on lower level strategy, if Silver March futures sustains above 65,320 then it could test the levels of 66,100 and 67,450.
Copper - Base metals on the MCX, barring copper, were trading firm tracking London Metal Exchange. However, gains were modest as prices on the LME, though in green, were in a range with the market worried about the impending US 'fiscal cliff' and as details of the recently announced steps to help Greece lower its debt remain sketchy.
The rise in copper prices at futures trade was mostly attributed to increased demand from consuming industries in the spot market. MCX Copper future is consolidate and also, sustaining around 440 levels. So, for the coming week it could face major resistance of 453 levels whereas 419 could be a major support level in MCX Copper. For the next week in MCX Copper, traders can use buy on lower level strategy, if Copper future sustains above 442.5 levels then it could test the levels of 446 and 452.
