Commodity Tips for the Week

GOLD

Gold fell to its lowest in more than three months on Friday, ending the week 2 percent lower, as economic uncertainties led to heavy selling in gold and other investments perceived as riskier. Bullion dropped further after posting its biggest one-day loss since 2008 on Thursday, hit by sovereign debt fears in Europe, and signs that economic recovery in United States and China has hit a rough patch.

TECHNICALS

LAST WEEK COMEX GOLD HAS BROKEN ITS MAJOR SUPPORT OF 1073/1070 $ AN OUNCE AND CLOSED BELOW THAT, IF COMEX GOLD SUSTAINS BELOW THAT THEN IT CAN TOUCH THE CRUCIAL SUPPORT OF 1025/1020 $ AN OUNCE.

NOW THE SUPPORTS AND RESISTANCE FOR THE COMING WEEK ARE:
MAJOR SUPPORT FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1040 AND 1025$
MAJOR RESISTANCE FOR COMEX GOLD IN THE COMING WEEK WOULD BE 1127$ AND 1147$
MAJOR SUPPORT IN MCX GOLD IS 15700 AND 15420
MAJOR RESISTANCE IN MCX GOLD IS 16590 AND 17120

Comex Copper is quite bearish and if it sustains below 280, then it can show the levels 275 and 262 in the upcoming week, for the next week comex copper has support at 262 and 243 and resistance at 302 and 315. In mcx copper supports are
jza at 283 and 261 and resistance at 312 and 329.


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