Support for MCX GOLD JUNE. Delivery is seen at support 29650 and 29480 levels while resistance is seen 29920 and 30080 levels.
Support for MCX SILVER JULY. Delivery is seen at support 39620 and 39200 levels while resistance is seen 40200 and 40600 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 307 and 304 levels while resistance is seen 314 and 317 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3160 and 3120 levels while resistance is seen 3260 and 3300 levels.
Gold showed bearish moment but 29600 is acting as strong support if gold will close below it then bearishness can be continued otherwise market can move up to 30000 again. US strong economic data is also creating pressure on gold. Selling below 29600 can be profitable in gold.
Crude oil was bullish but from last week its movement is sideways. In coming session it can break the upper resistance level and could be moved towards the upper zone. Buying strategy from upper level would be a profitable strategy in crude oil.
1). Gold held near three-week lows early Monday on firmer Asian stocks and growing expectations that the US Federal Reserve will hike interest rates as early as June.
2). Brent oil prices fell for a fourth consecutive session on Monday after Iran insisted it would not freeze crude output, returning investor attention to a global glut.
MCX Market Trend:
Gold today continue on lower note and found support of 29600. Sustaining below 29570 again drag it upto the support level of 29350. On higher side 29900 will act as strong resistance level.
SILVER over all showed sideways movement all the day. Now bearishness may again drag it upto the support level of 39000. On the other hand 40000 will act as major resistance level above only some correction may be seen.
MCX Crude opened on lower note and drag towards the support level of 3200 and traded on sideways. Now bullishness may bounce it towards the resistance level of 3350.
Copper showed bullish movement in morning session and bearish movement in evening session. Now if it maintain above 312 then 315 will act as next resistance level. On other hand 308 will act as important support level.
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