Commodity Tips for the

Week

Gold

Gold Prices Posted a Third Straight Week of Declines as Strong Economic Data Boosted the Dollar and Commodity Investors Remained Cautious of a U.S. Proposal to Limit Bank Risks. The Euro Hit a Rough Patch This Week Against the U.S. Currency, Tumbling to Below $1.39 Due to Fiscal Fears in Euro-Zone Countries and Strong U.S. Data. A Stronger Dollar Cuts into Bullion's Appeal as a Dollar Hedge. Gold is Down About 2 Percent so far in 2010. The Emergence of US Dollar With Gains Continued to Slam Gold in the Global Market. However, Despite Weak Global Cues, the Domestic Gold Futures Surged Slightly on Friday Due to Weakness in Rupee. Gold Ended Weaker Touching a Near Three-Month Low as a Dollar Rise and Uncertainty About how U.S. President Barack Obama's Proposal to Limit Risk Taking by Banks Could Affect Gold Trading.


Technicals

This Week Comex Gold Took A Major Support of 1073/1070 And Still Sustaining Above That, if Cox Gold Breaks The Level of 1070 And Sustains Below That Then it Can Come Around 1045 $ an Ounce And Further Below 1030 to 1025 $ an Ounce.
Now the Supports And Resistance for the Coming Week are:

Major Support for Comex Gold in the Coming Week Would be 1169 and 1125
Gold
Gold Prices Posted a Third Straight Week of Declines as Strong Economic Data Boosted the Dollar and Commodity Investors Remained Cautious of a U.S. Proposal to Limit Bank Risks. The Euro Hit a Rough Patch This Week Against the U.S. Currency, Tumbling to Below $1.39 Due to Fiscal Fears in Euro-Zone Countries and Strong U.S. Data. A Stronger Dollar Cuts into Bullion's Appeal as a Dollar Hedge. Gold is Down About 2 Percent so far in 2010. The Emergence of US Dollar With Gains Continued to Slam Gold in the Global Market. However, Despite Weak Global Cues, the Domestic Gold Futures Surged Slightly on Friday Due to Weakness in Rupee. Gold Ended Weaker Touching a Near Three-Month Low as a Dollar Rise and Uncertainty About how U.S. President Barack Obama's Proposal to Limit Risk Taking by Banks Could Affect Gold Trading.
Technicals
This Week Comex Gold Took A Major Support of 1073/1070 And Still Sustaining Above That, if Cox Gold Breaks The Level of 1070 And Sustains Below That Then it Can Come Around 1045 $ an Ounce And Further Below 1030 to 1025 $ an Ounce.

Now the Supports And Resistance for the Coming Week are:

Major Support for Comex Gold in the Coming Week Would be 1169 and 1125

Major Resistance for Comex Gold in the Coming Week Would be 1124$ and 1147$

Major Support in MCX Gold Is 16030 And 15420

Major Resistance in MCX Gold is 16590 and 17120

Copper

Copper Prices Closed at A 2-1/2-Month low on Friday, After Surprisingly Strong U.S. Economic Data Failed to Halt the Bearish Impact This Week From a Stronger Dollar And Tighter Monetary Policy in China.

Prices of Copper, Suffered Their Worst Monthly Losses Since December 2008.
Copper Has Broken its 4 Month old Upward Trading Channel, and Has Broken Its Crucial Supports.

Comex Copper Is Looking Highly Bearish and Till Now There is no Buying at Lower Levels.
For the Upcoming Week if Comex Copper Sustains Below 303 Level then it Can Touch the Level of 292.

Comex Copper has Support at 303 and 292 Levels and Resistance at 310 and 325 Levels.

MCX Copper is at its Crucial Support of 313 and Below that it has Support at 300 and 289 Levels and Resistance at 317 and 329 Levels.


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