High gold prices in Indian rupee terms continue to dampen demand for the yellow metal from this key consuming nation.Indian gold prices extended gains for an eighth session running to hit a record high of Rs. 30,750 per 10 gm in the national capital on Tuesday due to the weakness of the rupee.As of Monday, it took 56 rupee to buy a U.S. dollar, compared to roughly 44 rupee in late July of 2011.Gold prices advanced by Rs.325 and surpassing its previous June 15 record of Rs. 30,570. The high gold prices kept away physical traders who are watching the progress of the monsoon to gauge festival demand in the coming months.Gold futures prices rose 10% year-to-date in India. Rising excise duty and prices have dampened Indians’ gold demand.Latest government data also showed a negative trend in yellow metal demand, country’s gold and silver imports declined sharply by 52% during the month of May this year.
Support & Resistance Level for MCX Commodities for 20 June 2012
Buy MCX Gold above 30450, Support 30350, Resistance 30550
Buy MCX Silver above 55000, Support 54700, Resistance Level 55300.
Buy MCX Copper on dips at 419, Support 417, Resistance 421
Buy Lead above 106.20, Support 105.80, Resistance 106.60.
Commodity Market News 12 June 2012
It has been noticed here that there is sudden fall in Gold and Silver in the domestic as well as the International market. The highest price of gold is noticed at Delhi which was around 30150 for 99.99% pure gold. All the commodities like Crude oil, Natural gas and copper lead zinc are trading with moderate fluctuations in the prices.
Here are the mcx ncdex trading tips for today 13 June 2012
With the falling prices of MCX gold we would recommend to Sell it around 29800 levels with a stop loss placed above 29900 levels for targets of 29500 levels.
MCX Silver will be a Buy call above 54800 levels with a stop loss placed below 54400 levels for targets of 55400 levels.
Place a sell call for MCX Copper around 125 levels with a stop loss placed above 129 levels for targets of 119 levels.
Sell MCX Nickel around 957 levels with a stop loss placed above 965 levels for targets of 940 levels.
MCX Lead would be a Buy call around 106 levels with a stop loss placed below 105.20 levels for targets of 107 levels.