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 Technical Levels for today 16 June 2012
As INDICES UPDATES the week culminates, global shares and commodities were seen rising as market expectation stood high over the possible policy action by the central banks to hold up economic growth. Optimism after reports that central banks of the major economies stood ready to act in the event of any financial turmoil caused by the election in Greece over the weekend lifted the overall sentiments. Spot gold was tad up, rising for the sixth consecutive day as soft economic indicators from the world’s largest economy raised appeal of the yellow
metal. Worries over the possible outcome of election in Greece attracted safe haven buying. However, trades remained thin as investors choose a wait-and-see approach before key events. In MCX, precious metals traded mostly flat looking out for cues to take up fresh leaps.
MCX Gold touched the highest price band of Rs 30570 in today’s trade. It was due to the Greece elections and the steps taken by the Federal Reserve to accelerate the economy. It is the 3rd time in last 4-5 days that the gold is continuous climbing the heights.
Free MCX Trading Tips for 16 June 2012
Support for MCX Gold is 30270 and Resistance is 30590
Support for MCX Silver is 53000 and Resistance 59000
Support level for MCX Copper is 392 and Resistance is 423
Support level for MCX Nickel is 888 and Resistance is 996
Support level for MCX Lead is 101 and Resistance is 111