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.
Global trend of precious metals gold and silver is on down side. These both commodities are trading with the moderate losses in the domestic as well as the overseas market. At comex the gold has seen a sharp drop of 0.30% although the price of comex gold is above the 1600 dollar.Silver is trading with 0.5 percent decline and is at $ 27 per ounce.MCX gold in domestic market closed with substantial growth of 1 percent and reached to the 29840 while the silver arrived at 53429 with a gain of 1.14%. On MCX Crude oil declined by 1 percent & stuck at 4950.
Commodity Trading Strategies for Today
Gold (MCX) is likely to trade in the range 29,800-30,020. Go for long of mcx gold at around Rs 29,800, place a stop loss of 29,720. MCX Gold may see the upper resistance level of 30,000 or even 30,020.
Buy MCX Silver at around 53,350. Place a stop loss of 53,260 It is likely to see the upper price evel of 53,700.
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MCX Gold contract of August month is trading in the range 29,150 – 29252. The support for mcx gold august is most likely to seen in the range 29,223 which may slip to touch the below level of 29,150 & Resistance is likey to be seen at 29,225 & can touch above level of 29,252. We advocate to short thr MCX Gold August contract at 29280, having stop loss of 29340, & target of 29150.
Since last couple of weeks the luminosity of trading of precious metal gold is decreasing consistently in the bullion market. Traders are expecting that the investors will back out from the gold investment. They are most likely to go for the currency investment.If we see the global trend of the gold has been on decreasing trend then too the gold trend in India could not touch the such low levels. Earlier in 1999 the gold fell for the first time on the global cues. According to the market experts the global economic conditions are quite responsible for this situation.
On other hand the Indian government’s change in the import policy also affected the gold trading in the market. According to official facts the import of precious metal gold decreased by 37% in the first quarter of this current financial year.This condition of gold was not only in the domestic market but the overseas market too.
MCX Crude oil is trending continuously on lower side in the market. The crude oil is showing a sluggish trend in the market. At present the crude oil is trading at the Rs 4771 in the home market.A up trend was observed on Wednesday when the stock of crude oil in United State reduced.But the worst economic situation in Europe put the selling pressure on crude oil. By the way crude oil in International market is trading with moderate losses of approximately half percent.
MCX Gold and silver are also witnessing the selling pressure in both the market domestic as well overseas.The domestic market declined slightly lower than the international market.On MCX, Gold is trading at Rs 29 257, with slight declines, while silver is 0.30 per cent fall to Rs 52 600.
All metals except nickel in base metals is trading vulnerable. MCX Nickel with 0.30 per cent at Rs 904.
MCX Trading Tips & commodity-tips for Next Session
Silver (September futures) MCX: Sell @ Rs -52,700, Stoploss – 53,000 Target – 52,200
Copper (August futures) MCX: Sell @ Rs – 423, Stop Loss – 427 Target – 417.5