Tuesday, March 20, 2012

MCX, MCX Tips and Trend, MCX Updates For Today

Copper Updates, Crude Updates, Gold updates, mcx siver tips, ncdex, ncdex live, mcx tips today, mcx silver tips, free commodity tips, mcx commodity trend, mcx base metal tips

MCX Gold Silver Updates

The price had a retest of trend line resistance C at Rs.28 500 level but failed to breach it to the upside. The 14-period RSI is at trend line resistance below the 50 mark which indicates short-term bearish momentum. MCX silver in range of 57000-58000. Comex gold futures prices ended the U.S. day session higher in quieter trading Monday. The market saw short covering and bargain hunting buying interest and is working to consolidate recent price action on the charts.

Trading Call - Go short in MCX Gold at Cmp of 27850, target Rs.27170, stop loss above- 28510.

MCX Crude Updates

Nymex crude oil prices declined around 0.9 percent today on the back of easing concerns over global supply and a rise in China’s fuel prices which increased oil demand concerns from the country. Additionally, a stronger dollar and expected rise in US crude oil inventories also acted as a negative factor for oil prices. As long as 5475 region caps upside, expect prices to trade lower towards 5425/5400 region. Break above the same could see prices

targeting 5500/5545 region. On the contrary, splinter past 5380 region could see prices revisiting lows of 5350/5325 region.

MCX Copper Updates

A flat trading range is expected today. Early attempts to rise could be capped at 434-435 region, but may not force steep falls as long as 429 hold the downside. Conversely a direct rise above 436 will have a potential towards 441/444 levels. Copper for three-month delivery declined, reversing a gain of

0.3 percent, on the London Metal Exchange. The metal fell 0.2 percent to $8,494.50 a metric ton.

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