More upside seen in gold prices, every dip could be opportunity to go long in silver

Ashwani Kumar Harit

Gold

Gold prices gained on the first trading session of the week and crossed above its immediate resistance of Rs 30,750 per 10 gm and closed just at this level only. We are expecting more upside in the yellow metal to come in the coming session where any dip could generate fresh buying levels at lower levels near Rs 30,700.

Silver

Silver prices witnessed strong support levels near Rs 30,800 per kg in the recent past and we are expecting a bounce back in the coming few sessions. Any dip could be an opportunity to go long at lower levels near Rs 38,350-38,400 for intraday and prices might go up until Rs 38,800-38,900 levels during intraday.

Copper

Copper prices crossed above its immediate resistance of Rs 442 and even managed to close above the levels which are a positive sign over very short term. We are expecting prices to move further on the higher side till 450 where some profit taking should provide an opportunity to go long at lower levels.

Aluminium

Aluminium prices gained the most in base metal pack for the second trading session in a row and closed with the spectacular intraday gains of close to 5 percent. For the coming session we are expecting an immediate resistance could provide a hurdle at 141.50 where some profit can not be ruled out. Traders should be very cautious at these higher levels before entering

any medium term trades.

Crude Oil

Crude oil prices gained more than 2 percent during intraday and closed with positive bias which is likely to continue in the coming session and higher levels near Rs 4,180-4,200 are likely.

Disclaimer: The author is Commodity Research Analyst, Share India. Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.