WEEKLY COMMODITY REPORT 23RD JULY 2012

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 HEADLINES
Gold eases below $1,580 an ounce as euro, stocks weaken: Gold eased on Friday as a softer tone to the euro and stock markets indicated caution among investors, but remained set for its first weekly gain in four as they weighed up the likelihood of fresh measures to stimulate the US economy. Brent dips toward $107, steep 4-week rally spurs selling:

Brent crude slipped 55 cents to $107.25 a barrel by 0751 GMT. The contract settled up $2.64 on Thursday and touched an intraday top of $108.18, the highest since May 22. US September crude fell 55 cents to $92.11. The August contract ended up $2.79 and touched a high of $92.94 in the previous session, also the highest since May 22.

Silver futures up on global trend: Silver prices shot up by Rs 141 to Rs 54,546 per kg in futures trading today after participants enlarged their positions, taking positive cues from global market. At the Multi Commodity Exchange, silver for delivery in December shot up by Rs 141, or 0.26 per cent, to Rs 54,546 per kg in business turnover of 11 lots.

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MCX WEEKLY GOLD CHART

ANALYSIS
OPEN: 29230 HIGH: 29370 LOW: 29133 CLOSE: 29282

GOLD LOOKS BEARISH TREND: BEARISH STRATEGY: SELL ON RISE.

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MCX WEEKLY SILVER CHART

ANALYSIS
OPEN: 52721 HIGH: 53098 LOW: 52305 CLOSE: 52818

SILVER LOOKS BEARISH TREND: BEARISH STRATEGY: SELL ON RISE

 MCX WEEKLY COPPER CHART

ANALYSIS
OPEN: 425.70 HIGH: 431.70 LOW: 419.75 CLOSE: 422.15

COPPER LOOKS RANGE BOUND TREND: RANGEBOUND STRATEGY: SELL ON RISE, BUY ON DIPS

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 MCX WEEKLY CRUDE OIL CHART

ANALYSIS
OPEN: 4787 HIGH: 5150 LOW: 4760 CLOSE: 5083

CRUDE OIL LOOKS BULLISH TREND: BULLISH STRATEGY: BUY ON DIPS

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