Support for MCX GOLD JUNE. Delivery is seen at support 30050 and 29870 levels while resistance is seen 30380 and 30540 levels.
Support for MCX SILVER JULY. Delivery is seen at support 41230 and 40850 levels while resistance is seen 42000 and 42400 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 327 and 324 levels while resistance is seen 332 and 335 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2860 and 2820 levels while resistance is seen 2950 and 2990 levels.
Daily Market Reflection
In the morning session gold was trading in positive zone supported by weak dollar but not able to hold and in the evening session it was trading in negative zone with overall sideways movement. Crude oil was falling from its recent high of 3100 which also created pressure on COMDEX as crude percentage in COMDEX is highest because crude is the most traded commodity. Crude is trading in overbought range in next trading session downside correction can be seen. Base metals were weak and bearish trend seems to be continued.
1). Dollar drop to 18-month low Vs. Japanese yen, it is supporting gold price.
2). Crude oil price is falling because OPEC is at its highest production in 2016.
3). China’s caixin manufacturing purchasing managers index fell to 49.4 from 49.7 in March creating pressure on base metals.
Gold and Silver:
GOLD holds on higher level at morning session and showed sideways movement but in evening session drag down as breakout of double top pattern of COMEX and found important support of 30126.
SILVER over all showed negative movement and broke the trendline on both MCX and COMEX. As silver is weaker then gold so further bearishness may continue.
Crude and Copper:
MCX Crude showed bearish movement throughout whole day and broke its important support level of 2950 and sliding towards its major support level of 2800.
Copper showed weak movement as all base metals showed negative way and found the support of trough of double top pattern, if bearish trend continues then breakout will expected.
Intraday Super Star
CALL: SELL COPPER BELOW 327.50 TARGETS 325.50/321.50 SL 330.50.
CALL: BUY GOLD ABOVE 30375 TARGETS 30600 SL 30100.
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