MCX Technical Levels for today 16 June 2012
As INDICES UPDATES the week culminates, global shares and commodities were seen rising as market expectation stood high over the possible policy action by the central banks to hold up economic growth. Optimism after reports that central banks of the major economies stood ready to act in the event of any financial turmoil caused by the election in Greece over the weekend lifted the overall sentiments. Spot gold was tad up, rising for the sixth consecutive day as soft economic indicators from the world’s largest economy raised appeal of the yellow
metal. Worries over the possible outcome of election in Greece attracted safe haven buying. However, trades remained thin as investors choose a wait-and-see approach before key events. In MCX, precious metals traded mostly flat looking out for cues to take up fresh leaps.
MCX Gold touched the highest price band of Rs 30570 in today’s trade. It was due to the Greece elections and the steps taken by the Federal Reserve to accelerate the economy. It is the 3rd time in last 4-5 days that the gold is continuous climbing the heights.
Free MCX Trading Tips for 16 June 2012
Support for MCX Gold is 30270 and Resistance is 30590
Support for MCX Silver is 53000 and Resistance 59000
Support level for MCX Copper is 392 and Resistance is 423
Support level for MCX Nickel is 888 and Resistance is 996
Support level for MCX Lead is 101 and Resistance is 111