Gold edged lower yesterday after rising to a near six-month high on profit booking driven by the European Central Bank unveiling a potentially unlimited bond-buying programme. Today Gold prices are resisting the upward sloping trendline on closing basis.Gold prices on the MCX closed at Rs.31,467/10 gms after touching a historical high of Rs.31,818/10 gms.
In intra-day perspective, we expect base metal prices to trade on a bullish note on the back of positive outcome for the unlimited bond buying from the European Central Bank (ECB). On MCX copper prices declined by 0.9 percent. It closed at Rs.433.50/kg after touching an intra-day low of Rs433.10./kg.
MCX Copper Nov: Sup- 431/429 Res- 436/440
MCX Lead Sept: Sup- 112.50/112.90 Res- 113.60/114.20
MCX Silver Dec: Sup- 62000/61700 Res- 62600/62900
MCX Gold Oct: Sup- 31340/31250 Res- 31560/31660
In intra-day perspective, we expect base metal prices to trade on a bullish note on the back of positive outcome for the unlimited bond buying from the European Central Bank (ECB). On MCX copper prices declined by 0.9 percent. It closed at Rs.433.50/kg after touching an intra-day low of Rs433.10./kg.
MCX Copper Nov: Sup- 431/429 Res- 436/440
MCX Lead Sept: Sup- 112.50/112.90 Res- 113.60/114.20
MCX Silver Dec: Sup- 62000/61700 Res- 62600/62900
MCX Gold Oct: Sup- 31340/31250 Res- 31560/31660
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