Support for MCX GOLD JUNE. Delivery is seen at support 29720 and 29600 levels while resistance is seen 29950 and 30080 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40500 and 40250 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 315 and 318 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 2880 and 2840 levels while resistance is seen 2960 and 3010 levels.
Gold and silver was not able to hold the level of thirty thousand and forty one thousand respectively and closed below it. Strong dollar drags it towards the low level in COMEX after the rally in gold and silver investor also booking profit in gold and silver. In coming session gold and silver are looking bearish as they are not able to hold their important support level and strong dollar continuously creating pressure. Crude oil was also weak in whole session and continuously hitting new lows. In the coming session weakness can be continued. COMDEX was also closing in the negative zone.
1). Gold and silver was weak because of strong dollar and further weakness can be seen as dollar getting strong.
2). Saudi Arabia – leadership reshuffle affect the crude oil prices and make it more volatile.
3). Base metals under pressure as Chinese trade data disappoints and also weak demand was creating more pressure on base
Gold today showed downward all the day and broke its important support of 1275 in comex and closed near to its major support level of 29900 in MCX. Sustaining below 29800 again drag it upto the support level of 29500.
SILVER over all showed bearish 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 resistance of 3050 of morning session and after that drag upto the neckline of head and shoulder pattern. Now 2890 will act as major support level.
Copper showed downward movement all the day as all base metals showed same way and found support of 313. Now below 313 bearishness continues towards the support level of 310.
(Click to submit your details) Just one step to get best trading tips and Recommendation.