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MCX Gold Trend
Gold is expected to trade lower during the week, taking cues from expected strength in the US dollar coupled with poor market on account of deepening worries over global economy.
However, depreciation in the Indian Rupee may cushion sharp downside on the domestic bourses
MCX Gold April: Support 27851/27595 Resistance 28255/2841
We recommend a buy above 28200 levels with a stop loss placed below 28000 levels for a target of 28700 levels.
MCX Copper Updates
Rising uncertainty with respect to global economic growth may affect demand for industrial metals. Additionally, strength in the US dollar will also exert further downside pressure on copper prices. However, fall in the red metal inventories may cushion sharp decline in prices.
Weakness in the Indian currency may provide support to the metal prices on the domestic platform.
MCX Copper Support 428.20/424.10 Resistance 436/440(CMP: 434.10).
MCX Silver Tips
The daily price chart suggest that prices have reversed after taking support of 56000 levels. Prices are currently trading close to a crucial resistance 57400. RSI has given a positive crossover.
We recommend a buy above 57400 levels with a stop loss placed below 56000 levels for a target of 59200 levels.
