Commodity Outlook: MCX Silver Tips, Gold Updates Today

MCX Bullion-Commodity Outlook: Gold Updates, Silver Tips, Crude Trading, Levels Copper Trend, Natural Gas, Nickel Tips & Trend For Today 5 July 2012:

MCX GOLD UPDATES TODAY: Gold futures prices have taken a slight pause at the Globex. Gold is expected to recoup the earlier losses. gold is likely to draw support from the US releases as well. Hence, we recommend staying long for the metal from lower levels. Gold traded steadily near a 2-week high, after jumping 4% in the past three sessions, as investors kept their positive bets on the precious metal ahead of an expected European Central Bank rate cut and pivotal US jobs
data. Gold holdings  of SPDR gold trust declined to 1,279.51 tons, as on June 29.

MCX SILVER TIPS & TREND TODAY : Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 9,681.63 tons, as on July 3. : Silver futures prices have also made a dip at the Globex amid intense anticipation of ECB and BOE taking steps to stimulate the economy. The Euro is therefore likely to revive at the later part of the day, supporting silver’s prices. Hence, we recommend staying long for the metal from lower levels.  

1> Gold Aug: S3-29418 S2-29450 S1-29507 R1-29623 R2-29670 R3-29708
2> Silver Jul: S3-53539 S2-53585 S1-53654 R1-53806 R2-53874 R3-53921
3> Crude Oil Jul: S3-4735 S2-4742 S1-4758 R1-4787 R2-4798 R3-4809
4> Natural Gas Jul: S3-156 S2-157 S1-159 R1-163 R2-164 R3-165.4
5> Copper Aug: S3-422.4 S2-423.2 S1-424.7 R1-427.7 R2-428.8 R3-429.8