MCX Commodity Trading Tips Trend Range Levels- Gold, Silver, Crude, Copper, Nickel, Lead, Zinc, Natural Gas, Aluminum For Today 6 July 2012:
MCX GOLD Updates : On the MCX, Gold August contract gained by 0.6 percent on the back of depreciation in the Indian Rupee and closed at Rs.29,746/10 gms after touching an intra-day high of Rs.29,836/10 gms on Thursday. Gold futures price movement is seen little puzzled at the Globex. Nevertheless, an increment from the prior 69K would certainly be good enough for the market to react at a positive tune which would lead gold to fall. . However, the local currency is expected to remain weak today which would cap the metal’s fall at MCX. From the market perspective to the nonfarm numbers, we therefore recommend remaining short for the metal.
MCX Silver Tips>Trend>Levels : Silver futures prices are also hovering near its prior closing. Market is likely to be dizzy ahead of the mostly eyed nonfarm payroll data later today. The upcoming data about payroll will leave strong impact on silver that would be negative. We therefore recommend remaining short for the metal from higher side. On the MCX yesterday silver prices declined by 0.1 percent and closed at Rs.52,673/kg after touching an intra-day low of Rs.52,382/kg in yesterday’s trading session. However, depreciation in the Indian Rupee cushioned further fall in prices.
Copper Trend>Updates>Outlook : Copper, the leader of the base metals complex declined around 0.5 percent yesterday on the back of negative global market sentiments. On MCX copper prices gained by 0.5 percent on the back of depreciation in the Indian Rupee and closed at Rs.428.55/kg after touching an intra-day high of Rs.431.90/kg on Thursday.
1) Gold Aug: Support-29600/29450 Resistance-29870/29980
2) Silver Jul: 53200/52800 Resistance-54000/54400
3) Crude July: Support- 4780/4740 Resistance-4860/4910
4) Copper Aug: Support- 425.50/422.0 Resistance-430.0/432.0
5) Nickel July: Support- 922/914 Resistance-936/942
6) Lead July: Support-103.90/103.20 Resistance-105.40/106.0
MCX GOLD Updates : On the MCX, Gold August contract gained by 0.6 percent on the back of depreciation in the Indian Rupee and closed at Rs.29,746/10 gms after touching an intra-day high of Rs.29,836/10 gms on Thursday. Gold futures price movement is seen little puzzled at the Globex. Nevertheless, an increment from the prior 69K would certainly be good enough for the market to react at a positive tune which would lead gold to fall. . However, the local currency is expected to remain weak today which would cap the metal’s fall at MCX. From the market perspective to the nonfarm numbers, we therefore recommend remaining short for the metal.
MCX Silver Tips>Trend>Levels : Silver futures prices are also hovering near its prior closing. Market is likely to be dizzy ahead of the mostly eyed nonfarm payroll data later today. The upcoming data about payroll will leave strong impact on silver that would be negative. We therefore recommend remaining short for the metal from higher side. On the MCX yesterday silver prices declined by 0.1 percent and closed at Rs.52,673/kg after touching an intra-day low of Rs.52,382/kg in yesterday’s trading session. However, depreciation in the Indian Rupee cushioned further fall in prices.
Copper Trend>Updates>Outlook : Copper, the leader of the base metals complex declined around 0.5 percent yesterday on the back of negative global market sentiments. On MCX copper prices gained by 0.5 percent on the back of depreciation in the Indian Rupee and closed at Rs.428.55/kg after touching an intra-day high of Rs.431.90/kg on Thursday.
1) Gold Aug: Support-29600/29450 Resistance-29870/29980
2) Silver Jul: 53200/52800 Resistance-54000/54400
3) Crude July: Support- 4780/4740 Resistance-4860/4910
4) Copper Aug: Support- 425.50/422.0 Resistance-430.0/432.0
5) Nickel July: Support- 922/914 Resistance-936/942
6) Lead July: Support-103.90/103.20 Resistance-105.40/106.0
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