WEEKLY BULLION REPORT-10 Nov To 15 Nov 2014

Commodity Tips
MCX COPPER NOV as seen in the weekly chart above opened at 415 levels and during this period prices made weekly low of 403.10 Levels. During this week, Copper couldn’t sustain on lows & bounces back sharply. Price finally closed 0.40% lower at 413.05 levels. Now, there are chances of further upward movement both fundamentally as well as technically.For the next week, we expect Copper Nov prices to find support in the range of 408-407 levels. Trading consistently below 407 levels would lead towards the strong support at 400 levels and then finally towards the major support at 398-396 levels. Resistance is now observed in the range of 419-421 levels. Trading consistently above 421 levels would lead towards the strong resistance at 425 levels, and then finally towards the Major resistance at 428 levels.

MCX NATURAL GAS NOVEMBER as seen in the weekly chart above opened at 242.50 levels & made a seasonal high of 276.40 levels The prices finally closed 14.38% higher at 274.40 levels on weekly basis. For the next week, there are further strong trend of upward movement fundamentally as well as technically.For the next week, we expect Natural Gas Oct prices to find support in the range of 269-267 levels. Trading consistently below this levels would lead towards the strong support at 265-263 levels and then finally towards the major support at 260 levels. Resistance is now observed in the range of 283 levels. Trading consistently above 283 levels would lead towards the strong resistance at 293 levels & finally towards major resistance at 298 levels.

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