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Daily MCX News Letter

MCX REPORT

 GOLD:

Gold performed well for the course of week and gave good return to buyers. We saw a good buying from the handle of 31250 which further lead to 31560. A sharp up side on the trendline was seen on charting for the coming days we are expecting the prices to approach 31750 levels where profit booking will take place and above this handle some fresh buying can take place for 32100 levels. Looking for down side 31250 will be immediate support

commodity live tips

Resistance & Support
Resistance Support
31550 31250

 

Silver:

Silver making new lows for the day on day basis finally closed at 45435. We saw a sharp selling in the prices falling from 46500 handle looking on charts for daily frame one can see a big gap from 43450 to 45100 if the shining metal breaks 45100 handle a bigger dent will appear which will give a good profit booking for short selling positions. On upper end 46300 will be first resistance and 45100 will be the initial support for the shining metal.

Resistance & Support
Resistance Support
46300 45100

 

Crude Oil:

Crude being the best in commodity segment for the buyers, pulling prices from last two weeks and this pull made crude oil, the buyers choice. We are positive for this energy oil prices and it seems like 3400 level would be tested soon. If oil sustains above 3400 a fresh buying will take place for the bracket of 3650

Resistance & Support
Resistance Support
3380 3100

 

Nickel:

Nickel took some correction for the course of week and gave the positive closing for the last day prices closed @ 694 if this up side sustain for the coming week we may found nickel to approach for 715 on lower side 685 will be the first support for the falling price of nickel.

Resistance & Support
Resistance Support
708 685

 

Lead:

Lead performing well on the buyers side and gave a good profit booking to buyers from last two weeks. Analysing the daily chart we feel  a cool down in the prices of lead as already the prices are in overbought mode. Since the commodity is trading at high end so little correction can be seen in coming week where support falls at 125 and resistance at 128

Resistance & Support
Resistance Support
128 125

 

Zinc:

Zinc prices are following trendline from a long time and we can see that the prices have came to the major resistance now. Breaching on the years high we are expecting a little consolidation for coming days where buyers can book profit in their position. So after that a fresh buying can take place. Which can lead to 160 handle

Resistance & Support
Resistance Support
158 152

 

Copper:

Copper forming a triangle pattern on chart and is about to give a good breakout on the positive side for the buyers. This Chinese metal will give a break from 324 and can pull the prices up to 332 where a short down side support can take place at 318.

Resistance & Support
Resistance Support
337 305

 

Aluminium:

Aluminium gave a long down side from last two days and prices closed at 111.45 for coming days prices can fall till 109 levels if no correction is seen in up side. As major support comes at 110 handle if the correction took at 110 handle we can see the commodity in positive move else 109 and 108 levels can be seen in coming days

Resistance & Support
Resistance Support
113 110

About Starindiamarket

Star India Market Research - SEBI Registered Investment advisory Company In India. Our experts provides trading recommendations in Stock, Commodity and Currency Market.

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