15 May Mcx daily report

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Daily MCX News letter

15th May 2015

DAILY MCX News letter




PRECIOUS METALS:

Gold prices now to its nearest resistance level of Rs 27650 per 10 grams

and ended the session at Rs 27434 per 10 grams. The prices tested a

high of Rs 27595 per 10 grams and a low of Rs 27370 per 10 grams. For

today’s trading session follow the strategy sell on high. Keep eye on

today’s upcoming data.

ENERGY

The latest US Energy Information Administration (EIA) update calming

supply worries for the near term, oil failed to extend its gains. A

correction in Asian equities also kept oil under check as prices dropped

after approaching near their five month highs. Prices have recovered

now and the commodity is currently quoting at $60.40 per barrel, MCX

Crude oil futures closed at Rs 3779 per barrel, testing a low of Rs 3767

per barrel. For today’s trading session follow the strategy sell on high.

BASE METALS

MCX Copper June contract is traded in a range from last week. The

range of copper is in between 410-420. Nearest resistance level at

423.50, Copper trend is bullish; made low of Rs 411.10 per kg. Copper

ended the day at Rs 411.50 per kg. For today follow the strategy buy on

dips.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 27240

SUPPORT2: 27000

RESISTANCE1: 27660

RESISTANCE2: 27890

SILVER

SUPPORT1: 38950

SUPPORT2: 38300

RESISTANCE1: 40250 RESISTANCE2: 40900

CRUDE OIL

SUPPORT1: 3710

SUPPORT2:3665

RESISTANCE1: 3820

RESISTANCE2: 3870

COPPER SUPPORT1: 406

SUPPORT2: 403

RESISTANCE1: 415

RESISTANCE2: 419




SELL GOLD JUN BELOW 27370 TARGETS 27270, 27170 STOPLOSS

27570.

PICK OF THE DAY




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15 May Mcx daily report