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  • After the vigorous fall crude oil in the international market has shown some recovery but there is no edge for crude oil in the domestic market. The strengthening of the rupee against the dollar has stopped the increasing price of the crude oil in the mcx market. Noticeable point is that there is no any news or updates in the market for the upliftment of the crude oil. Currently the crude oil is trading at 4,660 with a increase of 0.2 percent in the current prices.

    Today the crude oil touched the lowest price level of last 3 months. The reserve of crude oil is the US has been increased more than it was expected. U.S. crude oil production has also increased. Slight improvement in the U.S. economy has been accepted by the the Federal Reserve. But still including Europe and China the world economy remains sluggish. Gold prices have also been falling continuously.In the last 7 weeks in the international market, gold is trading around the lower level. In the domestic market, gold prices have not fallen much. Despite this, gold is visible to the pressure. Currently, with a gain of 0.25 per cent on MCX gold is trading at Rs 30900 and With 0.7 percent gain silver is trading at Rs 59400.

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    Crude has been heading towards USD 93 per barrel mark. Yesterday, it went till that level and has come down after the increase in the US inventory. In crude, we see profit booking till USD 91.5 per barrel levels. From thereon, we will see a rally till USD 95 per barrel levels. Crude is the strongest in the near-term. We feel that, on the upside, it can go to USD 95-USD 97 per barrel over the next one-two weeks.

    If you look at gold from last 15 to one-month trading, it was unable to break the USD 1,800 per ounce mark. Then profit booking crept in and we saw gold prices coming down to USD 1,740 per ounce. We have seen it slip below that.
    We believe USD 1,740 per ounce is a very strong support level. We would see a small bounce from hereon. If we stay above USD 1,740 per ounce, we are net buyers in gold. It is headed towards USD 1,765 per ounce. Intraday as well as for the near-term we are net buyers in gold.


    MCX Bullion Gold Silver Tips Bearish Trend 19-20 October

    MCX GOLD TREND BEARISH

    Sell at 31200, Stop loss 31250, Target 31100.

    MCX SILVER TREND BEARISH
    Sell below 60500, Stoploss 60800, Target 60100.
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    The festival season is underway in India and will peak with Diwali and Dhanteras next month. Weddings also take place during this period.

    Taking cues from rise in gold prices along with upside in the base metals complex, Spot silver prices gained 0.2 percent today. Additionally, weakness in the DX also acted as a positive 
    factor for the prices. The base metals prices witnessed profit booking ahead of Chinese GDP data to be released on October, 18 2012. However, sharp downside in the prices were cushioned due to weakness in the DX.  

    Copper prices declined 0.2 percent as worries weighed on prices ahead of GDP data. In the evening session, we expect precious metals and crude oil prices to trade with upward bias on the back of expectations of positive data from the US economy along with weakness in the DX. However, sharp rise in the crude oil prices are expected to be capped on the back of hopes of rise in the US crude oil inventories to be relased in the later part of the evening today.  
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    The rupee appreciation as We said would be a key factor to watch out for today. But I do not see much of an appreciation coming out although the upbeat global sentiments have come up positive for the markets. Also, the retail sales data which has come up from the US has been positive. So, overall the base metal pack is trading upside.

    In Indian market, we would recommend selling the MCX crude contract for the month of October at around Rs 4,870-4,880 per barrel levels.

    We expect the markets on the silver to be upside. Hence, we recommend buying silver at around Rs 59,400-59,500 per kilogram.

    Sell gold, MCX on December Rs 31,050 per 10 grams to around Rs 31,070 per 10 grams levels. Place a stop loss around Rs 31,170 per 10 grams for targets of Rs 30,850 per 10 grams.

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    Demand of MCX gold in the market has weakened in the commodity market. The gold has failed to jump the expected levels in the today's trade. The Rupee is gaining strength in the currency market. Thouch the the demand of gold and silver are expected to grow as the fective season ahead. At present the demand remains sensitive in the market. we are looking for a break above the range highs near 1803 to confirm our bullish view for gold. Actually the picture of Spain issue is not very clear to any one in the market. That is why the traders and investors are fearing in long position of gold and silver. Barclays in it's report has said that the gold demand in India will lower down in festive season of Diwali due to the high prices.
    We will recommend following MCX Dec: Intraday Levels : Resistance: 31260/31450/31590/31840-900. Support: 31050/30900/30740/30500
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    In the last couple of weeks we have been watching the weakness in the gold and silver. Both of these precious metals are trading in the range bound. The best & Ideal trading Strategy for the gold and silver would be to go for buying on dips. In the next couple of weeks of October month we are not expecting some great or marginal movement. The bullion metals would be trading range bound in the upcoming weeks. If your are trading in gold or silver intraday the ideal situation would be to buy on dips. Even you can see the currency is trading flat on Forex.

    Looking at present conditions the gold and silver are in bullish side. The gold contract of month December will be a sell call from our side. We are expecting a support levels of Rs 31370 & Resistance of Rs. 31490 for gold. For the Silver We advice you to Buy at 61800 by placing Stop loss of 61600 and Target 62050.

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    MCX Base metals are in the mixed trend this hour.The MCX Copper was trading rapind in the early session. Now it is in the decline trend. The lead and zinc are trading with losses. In International market London Metal Exchange is under the selling pressure which has affected the commodity markets worldwide.

    At home the MCX Copper is the only commodity having the increase in the price Rest all the metals including zinc, lead, copper are trading with a decline of around .25 to 1.5 percent. After the rapid fire session of yesterday's trade the MCX Crude oil is also in the downside trend. The Comodity trading in the domestic and International market are weak. The US Energy Department will it's report tomorrow i.e. On Thursday 11 October. As per the market sentiments the crude oil reserve in the US is expected to grow in this quarter.

    MCX Bullion metals are trading weak this week. on MCX we suggest selling gold around Rs 31,500-31,600 per 10 grams and expecting targets of Rs 31,200 per 10 grams in the next three sessions. Similarly MCX Silver is also volatile this hour.

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    MCX Bullion metals gold and silver are trading with marginal gaines in the international market. The gold is moving too much fast at Comex. Currently the gold prices are $1780 in the global commodity market. Crude oil is continuing with the weakness like the last week.

    In the domestic commodity market MCX the investors and traders were believing that the gold prices may go up due to the gain in the Rupee against the dollar. But it could not be fulfilled as the Strengthening Rupee could not support the gold prices at Multi Commodity Exchange.

    Crude oil Prices in the domestic commodity market trading may test the Rs. 5130. MCX Crude oil prices are trading in the range 4850 – 5150. In today's trade the crude oil is showing some weakness which will be covered in the today's later trade session. MCX Crude oil are having a strong support of Rs. 4850 while the Resistance is being expected to move around 5100-5130 levels.

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    MCX Crude oil price has come down close to Rs 4,600. In the international market, crude oil is trading at the lower levels of the last 2 months. However at NYMEX crude oil is trading at lower levels. The storage of crude oil in the America has once again gone up in the market. It has been the highest in the last 15 months. The recession trend is being observed in the China's service sector. Elections are too going to take place in the America.

    Rupee has put the pressure on the MCX gold and silver trading. Both the commodities are trading after the down fall. MCX base metals are trading in the green zone which is a good sign for the market.

    While on other hand some important and most expected steps have been taken in India for the growth of Economy. Due to these steps the BSE Sensex closed at 19058 while the 50 shares NSE Nifty at 5788. Both were at the highest after the April 2011.

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    Crude oil prices in the domestic market has been steadily declining. The most noticable thing in today's trade was that despite the NYMEX crude oil price above $91 the MCX crude oil prices are at 4800. MCX Crude oil prices have been affected by the gaining strength of Rupee against the dollar. The U.S. Energy Department report today is going to come.

    With a decline of 0.15 percent on MCX gold is trading below Rs 31,000. The silver slipped around 0.5 per cent to Rs 62580 around. In NCDEX commodities Gram today has accelerated strongly in the meantime. NCDEX chana prices have jumped nearly 3 percent. All pulses including gram today in spot markets gained marginal profits. It is important that the sowing of gram will begin soon in the country.

    Trading Strategies for Commodities

    Well if you are thinking to trade the crude oil at current market trend. We will suggest sell the crude oil contract of October Month. As it is projected to slip down in short term. Keep following levels for the next session trading Sell at :- 4850 Stop Loss :- 4900 Target :- 4745

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    Overseas as well as in the domestic market the gold and silevr are trading in the weak side. At Comex the gold dropped by around 0.5 percent and is at $ 1766. While the silver fell down by nearly 1 percent to $ 34 per ounce level. In the Last week too the mcx gold closed with marginal fell down.

    MCX Gold Trading Levels for this Week 1 October – 6 October

    We observed the gold prices to stick in between 31340 & 31800. The gold prices are going to see the support level at 31340-31370 while the resistance at 31800 most probably in this week.

    MCX Gold Trading Recommendation:- As per our technical experts view traders/investors must go for selling side in the mcx gold. Gold may be in the bearish side in this week. 

    Sell MCX GOLD Dec between 31850-31900, SL - 32200, Target - 31400 / 31350

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