MCX Bullion Trend
We have given a target of Rs 59400 in MCX silver today, which has been hit. MCX Silver now can see the level of Rs 58300. We also recommend to sell silver today is the target of Rs 58,800. Currently, with a decline of 1 per cent on MCX silver is trading at Rs 59,000. 0.5 per cent, while gold is trading at Rs 30 925 with osteoporosis. MCX Gold has a consolidate trend today. it is trading at 30946 down by 122 points. technical analyst suggest that Gold will trade in a down trend today. MCX silver has also a bearish trend today.
Crude Updates For Today
MCX crude oil slipped 1.5 per cent to Rs 4740 has arrived. Weakness in base metals on MCX recorded a 0.7 to 1 per cent. Copper with a decline of 0.5 per cent is trading at Rs 426.15. The lastest updates are suggesting that crude oil is trading on a bear mode today. Crude has a strong resistance at 4790 level and a crucial support at 4690 level for today. Crude Updates For Today are to sell on higher levels.
Copper Updates
As can be seen from the chart, to end the pullback rally, copper formed an H&S, a bearish pattern. As a follow through of that, copper tumbled down. It formed a minordegree bounce till the daily upper Bollinger Band. From there, the red metal has started the next leg on the downside. The daily momentum indicator has also started the new cycle on the downside. However, since the intraday momentum indicators are showing oversold readings, a bounce till 435 is possible, which should be used as a selling opportunity. The equality target on the downside is at 414. The reversal for the view would be above 444.50.
NCDEX Live Trend
After the High Court order Wednesday cardamom from the Spices Board has decided to start the auction. Board of cardamom bid price by Rs 5 to Rs 2 has reduced. Meanwhile, cardamom futures volatility is heavy today. With a decline of 2.5 per cent on MCX cardamom is trading at Rs 841. International edible oil and oilseed markets are indecisive amid lack of fresh leads to propel the market either way. Absence of follow through after encouraging CPO exports sparked speculative buying yesterday, is weighing on the near term sentiment. At the domestic front, while seasonal buying is acting as lateral support, technical factors indicate the possibility of downside correction soon.
