November Copper prices are expected to have support at Rs.424.5-425 and prices can move higher towards 429.0 and fresh upside can be seen only above this for rs.429.0. and prices can test Rs.431.0. Prices should not fall below Rs.423.0 to maintain positive outlook.
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Gold prices are expected to have resistance at $1266 i.e. Rs.27360-27390 around in MCX and selling can be seen there. Prices on lower side can extend fall towards $1252 i.e. Rs.27200. Prices should not move above $1273 i.e. Rs.27530 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.42150 and selling can be seen there. Price on lower side can test Rs.41600 and again bounce back can be seen there. Prices should not move above Rs.42450 to maintain negative outlook for the day.
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MCX Copper settled at Rs 428.65 per kg, against Rs 427.4 per kg on 1 September 2014. The prices tested a high of Rs 431.65 per kg and a low of Rs 428.1 per kg. The selling pressure that has been built in Copper was removed last evening with prices moving higher by 0.29%. The session was capable of taking Copper above Rs 430 per kg though the settlement was lower. On the higher side Copper is capped at Rs 432 per kg. Supports for the prices are at Rs 425 per kg. Open interest has been increasing on a steady basis to 8000 against 8124 probably on account of decline in the short positions.
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Gold prices are expected to have resistance at $1273 i.e. Rs.27680 and selling can be seen there. Prices on lower side can slide to $1258 i.e. Rs.27400. Prices should not move above Rs.27800 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.42500 and selling can be seen there. On lower side prices can test Rs.41700 and again pull back can be seen there. Prices should not move above Rs.42900 to maintain negative outlook for the day.
Gold prices are expected to have resistance at $1288 i.e. Rs.27950 and selling can be seen there. Prices on lower side can slide to $1270 i.e. Rs.27700. Prices should not move above Rs.28100 to maintain negative outlook for the day.
Silver December prices are expected to have resistance at Rs.43200 and on lower side prices have support at Rs.42500 and prices are expected to trade sideways to lower for the day. Further weakness can only be witnessed if prices close below Rs.42500.
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