MCX Market Trend & Tips 26 June 2012
SILVERMIC prices on MCX were trading lower. At 16:04 hrs MCX SILVERMIC June contract was trading at Rs 52625.00 down Rs 353.00, or 0.67%. The SILVERMIC rate touched an intraday high of Rs 52900.00 and an intraday low of Rs 52350.00. So far 50167 contracts have been traded. SILVERMIC prices have moved down Rs 7375.00, or 12.29% in the June series so far.
Gold prices tumbled below $1600 to a new low for the month on dollar-strength and weaker than expected maco data. Gold/Silver ratio, which measures the number of silver ounces needed to buy an ounce of gold has risen above 57 last week. Barclays Research said that gold/silver ratio is set to widen further on weakness in silver prices.
MCX Trading Tips for 26 June 2012
MCX Gold Trend:- Go for buying MCX Aug Gold between 30050-30080 with a stop loss of 29950 and target of 30500
Zinc Trend:- Zinc trading range for the day is 103.08-103.88. Market is looking to take support at 103.3, a break below could see a test of 103.1 and resistance is likely to be seen at 103.7, a move above could see prices testing 103.9
Natural Gas Trend:- Natural Gas trading range for the day is 149.4-152.8. Market is looking to take support at 150.1, a break below could see a test of 149.4 and resistance is now likely to be seen at 151.8, a move above could see prices testing 152.8. .
