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 Gold Tips for Today
Buy Gold between Rs 28,800-28,850 per 10 grams STOP LOSS – 28,760 per 10 grams for a TARGET- 28,975-29,150 per 10 grams.
MCX Crude Tips for Today
Crude is taking psychological support at 5000 levels in MCX. Buy Crude around Rs 5,040-5,050 per barrel levels with a stop loss of Rs 5,000 per barrel for the upside target of Rs 5,110 per barrel and above that Rs 5,150 per barrel levels.
MCX Copper Tips for Today
MCX copper contract around Rs 420 per kilogram with a stop loss of Rs 416 per kilogram for a target of Rs 427 per kilogram.
MCX Silver Tips for Today
Sell silver around Rs 55,000-55,200 per kilogram ranges with a stop loss above Rs 55,700 per kilogram and look for targets of around Rs 54,000 per kilogram.