Friday, May 02, 2014
Market Overview
•
Precious metals are trading positive ahead of the
key nonfarm payrolls data today
Economic Data
Country
US
US
US
Time
6.00pm
6.00pm
7.30pm
Exp
210k
6.6%
1.4%
Prior
192k
6.7%
1.6%
•
Base metals are mixed to lower after Chinese PMI
was lower than expected
Non farm payrolls
Unemployment rate
Factory orders
•
Crude
oil
prices
but
the
rebounded
bias
after
the
recent
the
declines
downside.
remains
towards
Evening View
Commodity
MCX Gold
Gold $ (SPOT)
MCX Silver
Silver $ (SPOT)
MCX Copper
MCX Nickel
MCX Crude
MCX Natural Gas
LEAD
Intraday View
MCX Gold is trading in a range between support at 28500 and resistance at 28950 level.
Sustained trading below 28500 could lead to a fall towards major support at 28300 level.
Buying is advisable only on sustained trading above 28750 level.
Spot gold has taken support near $1270 and bounced higher. Immediate resistance is at
$1295 while strong resistance on the upside is at $1307. As long as $1270 is held on the
downside bias remains sideways to up. Breach below immediate support at $1270 could
result in correction towards $1255.
Silver looks weak intraday below 42150 level and is currently taking support near 41500. If
sustains below Rs.41500, fall towards next support near Rs.40900 looks possible. Only
move above Rs.42150 could reverse the trend.
Spot silver has immediate resistance at $19.20/19.50 whereas strong support is at
$18.60/18.80 level. Breach below positional support near $18.60 could increase the
negative momentum. Only move above $19.50 could reverse the trend now.
MCX Copper has immediate resistance at 411 while Rs.414 could act as a strong resistance
and only sustained break above the same could lead to a rally higher. Supports are seen at
405 followed by 401 level.
Nickel after rising for four weeks started showing exhaustion signs and is trading close to
Rs.1100 at present. Immediate support remains Rs.1094 followed by 1084 whereas strong
resistance is at Rs.1117. Only breach above Rs.1130 could resume an uptrend towards
Rs.1150/1170. Selling on rise should be the short-term strategy.
MCX Crude made a high of Rs.6184 and reversed sharply. Medium term trend continues to
remain weak and selling on rise is advisable. Strong intraday resistance is at Rs.6075
whereas strong supports are placed at Rs.5970/5945/5915.
Natural Gas reversed sharply from the resistance of Rs.294 and has also breached short
term support near Rs.288 level. As long as below Rs.294, selling on rise is advisable for the
target of Rs.283.50 which is a next important support level.
MCX Lead continues to show weakness as long as the price sustains below 126.60. Short