Daily Market Reflection 3rd May 2016
Gold continue on bullish way and made a new high 30538 because of Us dollar weaken and also global equities bolstered. Comex gold traded near 15 month peak $1300 on Monday and it’s seem to more bullishness.
Crude traded below closing of last trading session but still bullishness may be seen in upcoming sessions. And all base metals showed some correction on lower side as bank holiday in China. Now in upcoming sessions bull trend may continues in all commodities.
1). Weakness of global equities market and US dollar supporting the bullish trend of gold and silver.
2). Crude oil price weak on rising OPEC production on Monday as compare to last trading session.
3). Today base metals move in a narrow range due to mild demand and closing of china market.
Support for MCX GOLD JUNE. Delivery is seen at support 30100 and 29870 levels while resistance is seen 30540 and 30730 levels.
Support for MCX SILVER JULY. Delivery is seen at support 41520 and 41230 levels while resistance is seen 42060 and 42430 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 332 and 329 levels while resistance is seen 338 and 341 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 3020 and 3070 levels.
Gold & Silver Trend:
GOLD showed bullish movement in morning session in both MCX and COMEX it also test the resistance level of 1300 $ and then showed correction on lower side and found support of 30250.
SILVER trade sideways in morning session and after made a new high it showed correction on lower side and fill the gap between of 41891 and 42000.
Copper and Crude Trend:
MCX Crude showed bullish movement in early part of today’s session and found the resistance of trend line and after that it drags towards the support level of 2975. Now in upcoming session if it holds above 3000 then
only bullish movement expected.
Copper showed choppy movement and in morning session it test the neck line of inverse head and shoulder pattern as a strong resistance level and drag towards the support level of 335.
Intraday Super Star Calls:
1). CALL: BUY ALUMINUM ABOVE 111.50 TARGETS 112.20/113 SL 110.80.
2). CALL: BUY COPPER ABOVE 341 TARGETS 345/349 SL 337.
3). CALL: BUY GOLD ABOVE 30375 TARGETS 30600 SL 30100.
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