mcx daily report 05 may 2015

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Daily MCX News letter

05th May 2015

DAILY MCX News letter




PRECIOUS METALS:

Gold may contract down for its nearest resistance level at 26970, made

day high at 26959 and closed at Rs. 26868 Imports of the metal were

USD 28.7 billion the previous fiscal, 2013-14. The imports almost

doubled over year in March to $4.98 billion which pushed the trade

deficit to a four-month high of USD 11.79 billion for the month. Our

expectation price may go downside, follow the strategy sell on high.

Keep eye on today’s upcoming data.

ENERGY

MCX Crude oil may contract is trading in a range; short term trend is

bullish closed at Rs.3752 and made day high at 3813. Expectation price

may go upside. Below 3730 level we are expecting price may go

downside. For today’s trading session follow the strategy buy on dips.

BASE METALS

MCX Copper Jun short term trend is bullish, closed at Rs 413.75. Made

day high at 415.20 our expectation price may give some correction and

then continue upside rally for today’s trading session follow the

strategy buy on dips.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 26690

SUPPORT2: 26450

RESISTANCE1: 27040

RESISTANCE2: 27270

SILVER

SUPPORT1: 37150

SUPPORT2: 36500

RESISTANCE1: 38350 RESISTANCE2: 39000

CRUDE OIL

SUPPORT1: 3690

SUPPORT2:3645

RESISTANCE1: 3795

RESISTANCE2: 3845

COPPER SUPPORT1: 409

SUPPORT2: 406

RESISTANCE1: 417

RESISTANCE2: 421




CALL: SELL GOLD JUN BELOW 26750 TARGETS 26650, 26550 STOPLOSS

26950.

PICK OF THE DAY




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mcx daily report 05 may 2015

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