Precious metals are trading weaker as a stronger INR
is pulling prices lower. Base metals are also trading lower with nickel
recovering after two days of losses.
Crude oil prices lower as some supplies from Libya resumed yesterday.
MCX Gold is consolidating in a broad range of Rs.28300-29050 and either side breach will decide the positional trend now. Strong intraday support is at 28300/28205 level whereas Rs.28560/28780 could act as a strong resistance. Breach below 28300 could target 28205/28140 for the day.
Spot gold looks to trade in a consolidative range of $1270 - $1307/$1313 (cmp 1296). Sustainable breach on either side will give further direction. Only fall below the mentioned support (daily closing basis) will confirm the weakness for the target of $1245 - 1230. Till then the price is expected to trade in a range with a positive bias. Only move above $1307 could target $1316/$1321 now.
MCX Silver has strong support near Rs.41200 level and as long as held, bias still remains sideways to positive. Resistance is placed at Rs.42780 and sustained breach above the same could resume an uptrend targeting Rs.43300-510 level. Intraday supports are placed at Rs.41450/41200 whereas resistance is at Rs.41940/42320. Buying on dips is advisable.
Spot silver has immediate resistance at $19.90 whereas strong support is at $19.40/19.20 level. Breach above $19.90 could resume an uptrend now. Only sustained breach below strong support near $19.00 would be bearish for the metal.
MCX Copper has strong resistance near Rs.422 on the upside whereas supports are placed at Rs.414/412.5 followed by 409 level. Only move above Rs.422 could target 426 level. Sustained breach on either side (Rs.409/Rs.422) could decide the positional trend.
MCX Nickel price fell sharply for second consecutive day and closed near Rs.1108 level. Strong support on the downside is at Rs.1080 level whereas strong resistances are placed at Rs.1140/1160 level. As long as above Rs.1080, profit booking or a pullback rally towards Rs.1160 looks possible.
MCX Crude Oil has strong intraday supports at Rs.6000/5960 whereas Rs.6100/6135 could act as a strong resistance. Fall below 6000 on closing basis will signify short term weakness and could target 5920 - 5870 mark. For intraday, sell on rise should be the strategy. However, breach above 6135 could extend upside towards 6165/6185 level.
MCX Natural Gas price reversed precisely from the mentioned support of Rs.256 level after the release of weekly inventory data. Strong support on the downside is now at Rs.263/260 level whereas strong resistances are placed at Rs.267.50/272 level. Buying near supports is advisable.
MCX Lead has strong support at Rs.124.50 and strong resistance is at Rs.127.70. Sustainable move on either side could decide the positional trend now.
MCX Zinc has strong support at Rs.121.40 while strong resistance is placed at Rs.125 level. Any side sustainable move will decide the positional trend now.
MCX Aluminium continued to be the under performer amongst the base metals and is trading close to Rs.103.6 level at present. Immediate support are at Rs.102.80/101.70/100.50 whereas strong resistances are placed at Rs.105.60/107.10. Selling on rise is advisable.
www.punjiniveshonline.com
Crude oil prices lower as some supplies from Libya resumed yesterday.
MCX Gold is consolidating in a broad range of Rs.28300-29050 and either side breach will decide the positional trend now. Strong intraday support is at 28300/28205 level whereas Rs.28560/28780 could act as a strong resistance. Breach below 28300 could target 28205/28140 for the day.
Spot gold looks to trade in a consolidative range of $1270 - $1307/$1313 (cmp 1296). Sustainable breach on either side will give further direction. Only fall below the mentioned support (daily closing basis) will confirm the weakness for the target of $1245 - 1230. Till then the price is expected to trade in a range with a positive bias. Only move above $1307 could target $1316/$1321 now.
MCX Silver has strong support near Rs.41200 level and as long as held, bias still remains sideways to positive. Resistance is placed at Rs.42780 and sustained breach above the same could resume an uptrend targeting Rs.43300-510 level. Intraday supports are placed at Rs.41450/41200 whereas resistance is at Rs.41940/42320. Buying on dips is advisable.
Spot silver has immediate resistance at $19.90 whereas strong support is at $19.40/19.20 level. Breach above $19.90 could resume an uptrend now. Only sustained breach below strong support near $19.00 would be bearish for the metal.
MCX Copper has strong resistance near Rs.422 on the upside whereas supports are placed at Rs.414/412.5 followed by 409 level. Only move above Rs.422 could target 426 level. Sustained breach on either side (Rs.409/Rs.422) could decide the positional trend.
MCX Nickel price fell sharply for second consecutive day and closed near Rs.1108 level. Strong support on the downside is at Rs.1080 level whereas strong resistances are placed at Rs.1140/1160 level. As long as above Rs.1080, profit booking or a pullback rally towards Rs.1160 looks possible.
MCX Crude Oil has strong intraday supports at Rs.6000/5960 whereas Rs.6100/6135 could act as a strong resistance. Fall below 6000 on closing basis will signify short term weakness and could target 5920 - 5870 mark. For intraday, sell on rise should be the strategy. However, breach above 6135 could extend upside towards 6165/6185 level.
MCX Natural Gas price reversed precisely from the mentioned support of Rs.256 level after the release of weekly inventory data. Strong support on the downside is now at Rs.263/260 level whereas strong resistances are placed at Rs.267.50/272 level. Buying near supports is advisable.
MCX Lead has strong support at Rs.124.50 and strong resistance is at Rs.127.70. Sustainable move on either side could decide the positional trend now.
MCX Zinc has strong support at Rs.121.40 while strong resistance is placed at Rs.125 level. Any side sustainable move will decide the positional trend now.
MCX Aluminium continued to be the under performer amongst the base metals and is trading close to Rs.103.6 level at present. Immediate support are at Rs.102.80/101.70/100.50 whereas strong resistances are placed at Rs.105.60/107.10. Selling on rise is advisable.
www.punjiniveshonline.com
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