July 04, 2011

Live MCX Weekly for 04 July | MCX Charts for 04 July

Gold closed down for second consecutive week shredding nearly $13 to end the week at $1487.79 after hitting 6-month low. Gold came under pressure as dollar rebounded and U.S crude oil fell more than $2, also, with no Greek default, investors liquidated their positions in Gold. Silver eclipsed gold and ended down nearly $1 at 33.86. I Share silver trust fell 1.4 million in this quarter, biggest outflow since its launch. 
Copper ended up on the back of positive economic data to end the week up at $429.20. Copper rallied as U.S data ISM manufacturing PMI came up at 55.3 vs. 53.5 as against expected at 51.9 whit copper upside was capped by Chinese data that showed factory activity slowed. LME 3-month copper ended up at $9435 after making a two month high. Though, low decline in LME inventories, copper may correct next week.

GOLD MCX Weekly 04 to 09 July
R4 - 1600      Pivot - 1493        S1 - 1472 
R3 - 1564                                  S2 - 1457 
R2 - 1529                                  S3 - 1422 
R1 - 1508                                  S4 - 1386
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