Buy MCX Gold August around Rs 29690:

Fortune Financial Servies has come out with its report on bullion, energy and metals. According to the research firm, day traders can buy gold around Rs 29690 with a stoploss of Rs 29580, for the targets of Rs 29890 & 30000.

Bullion: Gold futures on MCX were trading in a narrow range tailing a similar movement in COMEX futures. However, rupee's weakness against the dollar lent some support to local prices. On COMEX, the metal was stuck in a thin band today as investors wereawaiting further cues from the US Federal Open Market Committee two-day meeting starting Tuesday.

Energy: Depreciation in the rupee against the US dollar prevented crude oil futures on domestic bourses from declining but mixed cues from global contracts kept prices in a narrow range. Crude oil prices on the New York Mercantile Exchange were in a narrow range as the market is awaiting monetary stimulus-related triggers from the US and the Eurozone.

Metals: Base metal contracts on the MCX showed a mixed trend. While copper and aluminium were in the red, the other metals in the complex were trading marginally higher on lack of definitive cues. Copper was weak taking cues from the London Metal Exchange, where prices fell as the market remained wary ahead of a two-day US Federal Reserve meeting beginning Tuesday.

MCX Gold August Contract is looking positive for the day. Market may find support near 29690 & 29580; intraday resistance can be seen near 29890 & 30000. Day traders are advised to buy intraday on dips. (Buy around Rs 29690 with SL Rs 29580, for the target of 29890 & 30000.)

MCX Silver September Contract is looking positive for the day. Market may find support near 53200 & 52800; intraday resistance can be seen near 54100 & 54600. Day traders are advised to buy intraday on dips (Buy around 53200 with SL 52800, for the target of 54100 & 54600.)

MCX Natural Gas August contract is looking positive for the day. Market may find support near 169 & 173; intraday resistance can be seen near 180 & 184, Day traders are advised to buy intraday on dips. (Buy around 173 with SL 169, for the target of 180 & 184)

MCX Crude oil August contract is looking positive for the day. Market may find support near 4940 & 4870; intraday resistance can be seen near 5030 & 5100. Day traders are advised to buy intraday on dips. (Buy around 4940 with SL 4870, for the target of 5030 & 5100.)

MCX Copper August contract is looking slightly positive for the day. Market may find support near 417 & 414; intraday resistance can be seen near
424 & 427. Day traders are advised to buy intraday on dips. (Buy around 417 with SL 414, for the target of 424 & 427.)

MCX Nickel July contract is looking slightly positive for the day. Market may find support near 880, 870; intraday resistance can be seen near 903 & 915. Day traders are advised to buy intraday on dips. (Buy around 880 with SL 870, for the target of 903 & 915.)
 
Top