Monday, July 21, 2014
Market Overview
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Gold prices are slightly higher and may continue
to trade with a positive bias as markets watch
the developments in Ukraine and Gaza and
upside risks will remain as we begin this week.
Time
Economic Release
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Most industrial metals are lower on the LME
and
copper is near its three-week low as worries over
the health of China's property sector dampen
sentiment.
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Crude oil prices
are
vulnerable on the upside as
fresh sanctions could come on Russia this week
which will keep the risk premium supported.
Evening View
Commodity
MCX Gold
Intraday View
MCX Gold traded in a narrow range last week and closed near Rs.28000 level. Strong
intraday support is now placed at Rs.27930/27810/27600 level whereas
Rs.28100/28250/28390 should act as strong resistances. Selling near resistance is
advisable.
Spot Gold is still well below the crucial support of $1330 indicating sideways to negative
momentum. Immediate strong supports are now placed at $1306/1293 whereas
$1323/1330 could act as strong resistances. Selling on rise is still advisable. Only move
above $1330 could negate the short term bearish bias.
NCDEX Gold Hedge has strong support at Rs.25210/25000/24910 level whereas
Rs.25470/710/25830 could act as strong resistances on the upside. Breach below Rs.25000
could resume a downtrend. Range bound to negative movement is expected for the day.
The price has intraday support near Rs.44540/44200 whereas resistances can be seen at
Rs.45400/45850 levels. Selling on rise near resistance is advisable. Breach below Rs.44540
could target Rs.44200-43800 zone.
Strong intraday supports are now placed at $20.80/20.60/20.45 whereas
$21.00/21.20/21.55 could act as strong resistances. Breach on either side (21.20 or 20.80)
will give us further direction.
MCX Copper fell sharply last Friday and closed near 426.15 level. Strong supports are now
placed at Rs.425.10/421 level whereas Rs.429.50-431 could act as a resistance zone. Even
though the short-term trend is weak a pullback towards resistance could be expected
Gold $ (SPOT)
Gold HEDGE (NCDEX)
MCX Silver
Silver $ (SPOT)
MCX Copper

intraday.
MCX Nickel
MCX Nickel has breached support at Rs.1143 and has fallen sharply. Next strong support
cane be seen 1113 followed by 1102. Only an upside breach of resistance again could
continue the uptrend. Strong intraday resistances are placed at Rs.1127/1138/1143 level.
MCX Crude has strong supports at Rs.6175/6130/6100 level whereas strong intraday
resistance is placed at Rs.6235/6265/6300 level. Selling near resistance is advisable for the
day.
Natural gas fell sharply after breach of crucial support of Rs.247 and closed near Rs.238
level. Intraday resistances are at Rs.236.5/239.10/241.5 whereas Rs.232/228.50 could act
as supports. Selling on rise is advisable for the day.
MCX Lead is still trading below our recommended resistance of 132.60 level (cmp 131.15).
Intraday supports are placed at Rs.130.20/129.50/128.60 whereas Rs.132.60 should act as
strong resistance. Breach on either side (Rs.132.60 or 130.20) will confirm the further
trend.
Strong intraday support for MCX Zinc remains at Rs.137.3/136.20/135. Till supports are
being held the short-term bias remains up and only break below Rs.136.20 could lead to
the downside towards Rs.135/133.80. Resistance are pegged at Rs.139.2-139.7-140.40.
Buying on dips is still advisable.
Aluminium continue to outperform other metals and is trading close to Rs.119 at present.
Upside move should continue towards next major target zone of Rs.120.30/121.50.
Immediate supports are placed at Rs.118.50/117.6/117.10 whereas immediate resistance
is at Rs.120.30/121.50 level.
MCX Crude
MCX Natural Gas
LEAD
ZINC
Aluminium
Disclaimer