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[June 4 to June 9] Commodity: Gold Stable; Silver Technically Weak

Gold remains within its range of $1,525 to $1,600 an ounce from the last three weeks, although it is heading for its biggest loss for the month of May in 30 years.“The yellow metal has ended the month of May with around a 6% loss. Its fourth consecutive monthly loss and worst May performance since a near 10% fall in 1982.

MCX Copper Jun futures is trading in negative territory. MCX Copper Jun future prices were under pressure for most part of the previous week. Copper prices remains vulnerable to further losses due to growing concerns over the fiscal health of Spain. Ratings agency S&P’s cut the ratings on five Spanish banks on Friday and said it believes the country is entering a double-dip recession. Fears over a slowdown in copper demand from the Asian nation have been weighing on prices lately.

Gold is consolidating on charts. Last week Gold was trading in range for most part of the week and did not breached the resistance level of 29670. In the coming week 28650 and 28250 will act as a major supports in Gold and 29670 and 30200 will act as a major resistances. For the next week traders can use sell on higher levels strategy. If Gold sustains below the level of 29000 then below 28840 it can test the level of 28660/28440.

Silver is looking technically weak on charts. Last week Silver was trading in consolidation for the most part of the weak but it was unable to sustain around higher levels. For the coming week 51200 and 48450 are the major supports whereas 56000 and 58770 are major resistance in MCX Silver. For the next week traders can use sell on higher levels strategy. If Silver sustains below the level of
52800 then below 52400 Silver can test the level of 51900/51500.

Crude is technically weak on charts. Last week Crude Oil was in bearish trend for the entire week. For the coming week 4400 and 4100 will act as major supports and 5000 and 5280 will act as major resistance in Crude Oil. For the next week traders can use sell on higher level strategy, if MCX Crude sustains below the level of 4620 then below 4570 it can test the level of 4460 /4380.


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