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.
Slow moves in crude oil before the meeting of OPEC has affected the market. Business in International and domestic market is very slow. MCX gold between fluctuations has dropped below critical level of 30,000 on Wednesday’s trade.While silver remains above Rs 55,000.MCX is seeing an increase in the base metals. With 0.5 per cent increase MCX Copper is trading at Rs 412.70.
Factors which May affect the Trading in MCX & NCDEX on 14 June are as follows:
- Elections are due this week in Greece
- IEA’s has indicated a increment in supply of crude oil during the next 6 months.
Here are the technical support and resistance level for the mcx and ncdex future commodities gold silver copper lead zinc natural gas etc. for trading on 14 June 2012.
MCX gold (August futures): Buy – 29900, stoploss of Rs – 29800 and target – 30150
MCX Silver (July futures): Buy – 54 900, stoploss of Rs – 54 650 and the target – 55 400
MCX Copper (June futures): Buy – 411, stoploss of Rs – 408 goal – 417
MCX intraday Tips for 14 June 2012
MCX Gold is Sell call around 30050 levels with a stop loss placed above 30150 levels for targets of 29700.
MCX Silver Buy around 55100 levels with a stop loss placed below 54800 levels for targets of 55500
MCX Natural Gas Sell around 125 levels with a stop loss placed above 129 levels for targets of 119 levels.
MCX Copper Sell around 414 levels with a stop loss placed above 417 levels for targets of 409 levels
MCX Lead Sell around 106 levels with a stop loss placed above 106.80 levels for targets of 105 levels.