June 16, 2011

MCX Commodity Tips, Bullion Metals (Gold Tips, Silver Tips) Technical levels

Gold Prices breached the trend line support and due to this Gold seen to be traded below the trend line. The indicators being weak the counter looks below 22400. The Gold price is expected to continue its downtrend further. The Commodity MCX market is now in downtrend for bullion metal but for China's gold production is expected to rise by more than 10 percent in 2011 from a year ago, a senior official from the China Gold association said on Wednesday and this will increase world gold prices and would continue to climb in the second-half. At the Globex platform gold is seen trading at $1526.10, up by $1.70. 
GOLD MCX Technical Level
Gold (AUG) 
R1 22080 
R2 22150 
R3 22220 
S1 22350 
S2 22410 
S3 22525
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