Thursday, June 14, 2012

MCX Commodity Calls: Gold, Silver, Copper, Crude

MCX Gold Tips
A swing higher is anticipated earlier in the evening. However, inability to clear above 30100 region would invite long liquidation spree towards 29870/780 or even lower towards 29700. Alternatively, a push past through 30100-120 region could strengthen our bullish expectation find resistance at 30300/30500.
MCX Gold Aug: Intraday Levels are: Resistance at 30300, Support: 29880

MCX Silver Tips
A thin trading range have been witnessed for the last couple of days. For the day, if dips failed to succeed below 54600-500 regions, favored view is mild positive session and could push prices towards 56000 or even more. Conversely, a direct dip below 54450 will be an early indication of prolonged selling pressure.

MCX Copper Tips
Inability to break 414.50 convincingly, prices could corrected lower and possibly find support at 411/408 regions. However, strong liquidation pressure are favored only below 407 with volume. Rallies above 414.80 will reverse the present selling momentum and take prices higher. we recommend a Sell in MCX Copper June contract around 420 - 425 with a Stop Loss of 436 and Target of 400 (CMP: 412)

MCX Crude Tips
Prevailing negative bias is likely to find support near 4585-90 region for a turn higher towards 4625/4655/4675 levels. Otherwise, expect the downfall to continue en route for 4555/4525 region. A thrust past 4680 could initially target 4720/4750. With broad trend still looking weak, a close above 4800 could be signs of a renewed buying momentum in the counter.

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