Support for MCX GOLD JUNE. Delivery is seen at support 29830 and 29700 levels while resistance is seen 30100 and 30220 levels.
Support for MCX SILVER JULY. Delivery is seen at support 40900 and 40500 levels while resistance is seen 41520 and 41850 levels.
Intraday strategy for MCX BASE METAL is given below
Support for MCX COPPER JUNE. Delivery is seen at support 310 and 307 levels while resistance is seen 315 and 318 levels.
Intraday strategy for MCX ENERGY is given below
Support for MCX CRUDE MAY. Delivery is seen at support 3040 and 3000 levels while resistance is seen 3120 and 3160 levels.
Crude was trading in negative zone but after inventory it broke the upper level and went straight away from $44 to $46. In the coming session if crude will held the level of 3100 in MCX and $47 in COMEX the bullish trend can continue and it can move higher. Gold and silver was trading in the positive zone in the morning session but in the evening session not able to hold the higher level. In the coming session gold and silver can move in downward direction if not able to hold the upper level. Zinc and lead was positive comparing to other metals trend can be continued in the coming days.
1). Gold and silver price were climbing after dollar was falling but in the evening session both started to fall when dollar recovered.
2). Base metals rebound on fresh industrial demand. Demand for zinc and lead was high as compare to other base metals.
3). Crude oil inventory was -3.4M and forecast was 0.1M whereas last week inventory was 2.8M.
Gold today showed upward movement in morning session and in evening session drag down and fill the gap up opening. Sustaining below 29800 again drag it up to the support level of 29600.
SILVER over all showed sideways movement in morning session bulls breach it to the resistance level of 41850 and then found important support of 41150. Bearishness may again drag it upto the support level of 40500.
MCX Crude after giving false breakout of head and shoulder pattern today traded of bull note and broke its important resistance level of 3000. Now maintain above 3075 will bounce back it to resistance level of 3115.
Copper showed downward movement all the day as all base metals showed same way and found support of 312.50. Now below 312 bearishness continues towards the support level of 310.
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