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Daily MCX News letter

29th April 2015

DAILY MCX News letter




PRECIOUS METALS:

Gold futures traded positive in last trading session. Short term trend is

bullish, Gold closed at Rs.27190 and made day high 27212. Our

expectation price may go upside, follow the buy on dips for today’s

trading session. Keep eye on today’s upcoming data. FOMC statement

& Fed interest rate decision will show their impact in tomorrow.

ENERGY

MCX Crude oil futures short term trend is bullish closed at 3626. Crude

oil futures made day high at 3668 and low at Rs.3573. Meanwhile gains

above Rs 3700 will bring fresh long holdings. For today’s trading session

follow the strategy buy on dips.

BASE METALS

MCX Copper future traded in a range for last couple of trading days,

Zambia, Africa’s second-biggest copper producer, may lose as much as

four days’ output of the metal after the country’s power grid went

down, copper resistance level at 390. Further breakout will give the

conformation of price hike. Copper closed at Rs.386.95. for today’s

trading session traders may follow the sell on high strategy.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 26990

SUPPORT2: 26750

RESISTANCE1: 27360

RESISTANCE2: 27590

SILVER

SUPPORT1: 36750

SUPPORT2: 36100

RESISTANCE1: 38000 RESISTANCE2: 38650

CRUDE OIL

SUPPORT1: 3560

SUPPORT2:3515

RESISTANCE1: 3675

RESISTANCE2: 3725

COPPER SUPPORT1: 381

SUPPORT2: 378

RESISTANCE1: 390

RESISTANCE2: 394




CALL: BUY GOLD JUN ABOVE 27220 TARGETS 27320, 27420 STOPLOSS

27020.

PICK OF THE DAY




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