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Trading as per support and resistance levels may be quite useful for intraday trading in commodities.
Resistance is termed as the level where the commodity generally gets some opposite force before it can go further up.
A support is the level where a Commodity get buying interest before it can fall further.
Under the normal market conditions or in the absense of some extremely panic news the support and the resistance levels can act as good levels for initiating the buying/selling.
In general, it is advisable to buy the commodities at support levels and sell at the resistance levels.
In Intraday, there are few support and resistance levels known as Support1, Support2, Resistance1, Resistance2, etc.
Commodities Support and Resistance Levels for 21st Aug 2013
Commodities
Support 2
Support 1
Pivot
Resistance 1
Resistance 2
MCX Gold Oct-13
29805
30308
30744
31245
31683
MCX Silver Sep-13
48244
49351
50275
51382
52306
MCX Crude Oil Sep-13
6594
6651
6743
6800
6892
MCX Natural Gas Aug-13
213.53
216.17
219.23
221.87
224.93
MCX Aluminium Aug-13
114.80
116.60
118.05
119.85
121.30
MCX Copper Aug-13
457.48
461.52
465.03
469.07
472.58
MCX Nickel Aug-13
909.23
919.57
930.73
941.07
952.23
MCX Lead Aug-13
135.65
138.70
140.85
143.90
146.05
MCX Zinc Aug-13
119.95
121.70
123.10
124.85
126.05
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