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.
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.