MCX Gold Intraday Tips:- Buy at 29800, Stop loss 29730, Target 29880.
MCX Silver Intraday Tips:- Buy at 53300, Stop loss 53000, Target 53600.
MCX Copper Intraday Tips:- Buy at 420.50, Stop loss 418.50, Target 422.50.
MCX Lead Intraday Tips :-Sell below 105.50, Stop loss 106 Target 105.
MCX India Commodities Market News & Latest updates 23 May 2012
Gold down almost 1.5 % as selling snowballs. Spot gold was down 1.44 percent at $1,569.26 an ounce at 3:30 p.m. EDT (1930 GMT). U.S. gold futures for June delivery settled 0.76 percent lower at $1,576.6, off an intraday low of $1,568 per oz.
Gold declined after Germany and China mortgaged support for economic growth, lowering the
appeal of the precious metal as a haven.
Copper traded sideways to positive, as reports that China will fast-track infrastructure investments encouraged investors to buy the industrial metal despite a firm dollar and uncertainty about Europe’s ability to resolve its debt crisis.
MCX NCDEX TIPS for Today ,23 May 2012, to trade in Commodities
MCX Gold Trading Tips
Prices trading above long-term Support at 27,950-28,000 (200-day SMA)… only a close below this levels will trigger more Selling OR else prices can again resume up-trend or consolidate at current levels while resistance holds at 28,280 (100-day SMA) and 27510 (50-day SMA).
MCX Silver Trading Tips
July future on breach below 54,800 next support holds at 54400 & then at 52,800. Now, below 52800 (on closing basis)… more Selling is expected towards next Supports at 51000, 48600 and last at 45830 (in Short Term).
MCX Copper Trading Tips
Holds strong resistance at 426.5 (100-day SMA) and 430.5 (50-day SMA).
MCX Base metals are expected to trade lower amid euro zone problems and rise in greenback. Copper price fell near a three-week low on last week as Europe’s debt crisis remained unresolved; denting demand prospects, and after the U.S. Federal Reserve decided to do nothing new to prop up growth. Risk aversion also pushed up the U.S. dollar, generally perceived as a safe-haven asset, which put additional pressure on industrial metals prices.
While commenting on copper outlook MCX Copper prices can trade in range of in 370-395 in domestic market. There are growing concerns about the outlook for Europe and some concerns also about China’s ability to steer its way through the worldwide difficulties. According to the International Copper Study Group (ICSG) Mine capacity utilisation fell steadily from over 90% at the start of the last decade to 80.4% last year. The market has remained substantially skeptical after the EU leaders` failure to reach any solution in last meeting and it is still unclear whether the rating agencies would downgrade European countries, and this is putting some pressure on metals.
Copper production has been heavily disrupted this year by long strikes at some of the world’s biggest mines including Freeport’s mines in Indonesia and Peru. Lead and zinc can further slide towards 100 and 95 respectively. Meanwhile Aluminium prices can trade in range of 102-107 in MCX.