Support for MCX GOLD JUNE. Delivery is seen at support 29600 and 29470 levels while resistance is seen 29930 and 30130 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40500 and 40130 levels while resistance is seen 41100 and 41400 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 310 and 307 levels while resistance is seen 316 and 319 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2930 and 2890 levels while resistance is seen 3000 and 3040 levels.
Gold and silver was trading in the weak zone because stock market was strong and dollar movement was uncertain. Gold made the new lows but silver was not as weak as gold. In coming session if market would be bearish strong moment can be seen in gold and if market would be bullish silver can outperform gold. In the morning session crude was trading in the negative zone but not able to hold it and made new highs in the evening session. In the coming session volatility can be seen in the crude oil. Base metals overall trend was looking bearish and in coming session it can be continued.
1). Gold, silver extend losses on global cues, sluggish demand and the another reason is recent strength in the dollar.
2). Oil prices rebound as supply outages ease global-glut worries.
3). Base metals under pressure as Chinese trade data disappoints.
Gold today showed downward all the day and broke its important support of 29765 and closed near to its major support level of 29600 in MCX. Sustaining below 29600 again drag it upto the support level of 29250.
SILVER over all showed sideways movement and broke the neckline of head and shoulder pattern on MCX and found important support of 40580. Bearishness may again drag it upto the support level of 40000.
MCX Crude found support of 2890 of morning session and after that pull upto the resistance level of 3000. Now 2880 will act as major support level.
Copper showed downward movement all the day as all base metals showed same way and found support of 311. Now below 311 bearishness continues towards the support level of 308.
(Click to submit your details) Just one step to get best trading tips and Recommendation.