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 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
Tips Technical Levels for MCX NCDEX Commodity Market
08 June 2012
Buy mcx gold above 28830, Stop loss 28780, Target 28900
Buy mcx silver above 55400, Stop loss 55150, Target 55900
Sell mcx copper at 409, Stop loss 411, Target 405
Sell mcx lead below 105, Stop loss 105.8, Target 104
Sell mcx zinc below 103, Stop loss 103.80, Target 102
Buy mcx Nickel above 904, Stop loss 894, Target 918
Buy crude oil above 4690, stop loss 4660 target 4740
Here at mcxncdextips.com We provide free daily tips for mcx and ncdex market India. Above commodity tips are just based on technical analysis of the Research analyst. This technical reports have been produced on daily commodity trend.