Loading Ticker...
You Are Here: Home » Commodities » Market Outlook

[April 30 to May 5] Commodities: Buy Gold On Lower Level Strategy

Gold, Copper and Energy prices rallied on Friday, sending commodities broadly higher, after data showing softer U.S. economic growth in the first quarter raised the prospect of more stimulus from the Federal Reserve. The weaker-than-expected data on U.S. gross domestic product pushed the dollar down despite pressure on the euro from a downgrade of Spain’s credit rating.

 Gold is technically strong on charts. Last week Gold was trading on higher side and closed near to its week high. In the coming week 28600 will act as a major support in Gold and 29600 will act as a major resistance. For the next week traders can use buy on lower level strategy if Gold sustains above 28900 then above 29200 it can test the level of 29350/29500.

 Silver is technically in a consolidation phase. Last week Silver was trading on lower side for most part of the week but on the last two days, it bounced back. For the upcoming week 54400 and 52500 are the crucial supports and 58500 and 60500 are crucial resistance in MCX Silver. For the next week traders can use buy on lower level strategy if Silver sustains above the level of 57200 then above 57750 Silver can test the level of 58500/59100.

 Crude is in a consolidation phase. Last week Crude Oil has recoverd slightly and was able to make a close above previous two weeks close. For the coming week 5250 and 5050 will act as major supports and 5650 and 5770 will act as major resistance in Crude. For the next week traders can use buy on lower strategy, if MCX Crude sustains above the level of 5450 then above 5530 it can test the level of 5580/5630.


Share this post

Subscribe to our updates via e-mail or get our  RSS Feed
Enter your email address:


Other Related Stories: