mcx tips

MCX GOLD UPDATES FOR WEEKLY

MCX Gold October as seen in the weekly chart above has opened at 32,815 levels initially moved sharply higher, but found
very good resistance at 34,549 levels. Later prices fell sharply towards 31,564 levels and finally closed sharply lower from
the previous weeks closing levels.
For the next week we expect gold prices to find Resistance in the range of 32,650 – 32,700 levels. Trading consistently above
32,750 levels would lead towards the strong Resistance at 33,750 levels and then finally towards the major Resistance at
35,643 levels.
Strong Support is now observed in the range of 30,850-30,750 levels. Multiple closing below 30750 levels or Trading
consistently below 30,650 levels would trigger an extended fall initially towards 29,670 levels, and then finally towards the
Major support at 28,700 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-30,800/ $ 1360 R1-32,650 / $ 1418
S2-29,670 / $ 1330 R2-33,750 / $ 1446
Weekly Recommendation: Sell MCX Gold October between 32,650-32,700, SL-33,250, Target -30,900. 

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Lead tips
 Lead prices declined 0.52% at the LME while price at the
MCX came down by 1.91% backed by the rupee
 Lead prices should continue to remain weak due to
slowing demand from the auto sector. Major auto
producer Toyota is also planning to increase the hybrid
car sales which should limit the sharp fall in prices
 Compared to other base metals, the weakness in lead
prices should remain intact due to growing risk av ersion
over Sy rian developments
Nickel tips
 Nickel prices remained diverged in yesterday’s session.
Prices witnessed sharp correction at both the platforms in line with the fundamental expectations
 Nickel inventories are maintaining at the highest level (212328 MT) since the LME started keeping records of metal
stocks. On the back of higher stocks, major gains in prices should not be witnessed
 Chinese NPI producers might continue with high
production while the nickel market also remains at
supply surplus
 Indonesia is expected to increase the export quota of
raw-materials ahead of the 2014 export ban and
hence we expect the surplus to increase in nickel
market
 Overall, we do not expect nickel prices to gain at LME
hence selling at higher levels should
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Weekly Price Performance
• Base metals traded on a negative note last week with a mixed set of factors providing
direction to prices. Despite positive economic data from the US, Euro zone, UK and
China over the week, mixed set of sentiments towards the end of the week, capped
sharp decline in prices.
• Copper prices touched a weekly low of $7227/tonne in the last week and closed the
week at $7353/tonne with losses of 0.3 percent.
• On the MCX, the near-month copper contract rose by more than 2 percent due to
Rupee depreciation and touched a high of Rs 483.2/kg in the last week.
• Month-to-date, copper prices on the LME and the MCX are up by 7 percent and 13
percent respectively. Gains on the MCX are higher mainly due to the weakness in the
Rupee.
Copper Inventories
• On the LME last week, copper inventories declined around 3.4 percent to 564,225
tonnes as on 23rd August 2013 from 584,075 tonnes in prior week.
• Shanghai Copper inventories fell around 3.6 percent to 156,100 tonnes for the week
ending on 23rd August 2013.
Factors that led to downside in Copper prices
• Weak marketsentiments and a stronger DX.
• However, positive economic data from major economies cushioned sharp fall.
Outlook
• Copper prices are expected to trade on a positive note during the week on the back of
expectations of rise in US GDP coupled with weakness in the DX. Additionally, global
refined copper production showed a deficit of 17000 tonnes in May for the first time
after seven months, will also support an upside. The Rupee factor will be additionally
supportive to prices in the Indian markets,.
Weekly Technical Levels
• LME Copper: Support $7260/$7130 Resistance $7460/$7540. (CMP: $7353)
• Buy MCX Copper August between 473-471, SL-468, Target -485. (CMP: Rs 475.05)

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Today Gold support and Resistance || intraday MCX tips, Crude oil trend for today and Lead level for 25 July
Oil prices fall on Asian trade , china slow economic down and strong US Dollar pressure result dropdown on Thursday Singapore trade. On early morning New York main contract WTI (West Texas intermediate) for September delivery fall by 57 cent at $104.82 a barrel.  On domestic commodity market crude oil open in negative side with a small loss against its previous close of 6267. On Thursday morning Crude oil for future delivery open at 6261 at MCX.

MCX Bullion is bearish after open in positive side. Today at MCX gold prices open at 27255 bit high from its last close at 27240. On morning trade gold and silver are expected to trade in down side. Today MCX silver open at 41452 on intraday trade for future delivery its previous close is Rs 41346.
Gold support and resistance

S1: 26950, S2:26850
R1: 27450, R2: 27565

MCX copper and nickel continue its worst session on Thursday morning too, today copper prices open at 419 down by 0.65 point for future delivery. Similarly nickel open in deep side at 843 its last close is 846.10.

Lead support and Resistance