Daily MCX News letter 23nd April 2015

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Daily MCX News letter

23nd April 2015

DAILY MCX News letter




PRECIOUS METALS:

Gold price Closed at Rs.26624, made day high at 26960. MCX Gold fall downside from its

resistance level and made day low at 26606.gold price have given breakout to its

support level, expectation price may go downside follow the sell on high for today’s

trading session.

ENERGY

MCX Crude oil futures mostly edged up today after opening sharply lower as the global

prices moved in a sideways manner. WTI Oil held up above $56 per barrel in Asia amid

gains in Asian equities as Japan posted its first monthly trade surplus in nearly three

years in March, thanks to falling import costs from cheaper oil prices, along with a

modest recovery in exports.. MCX Crude oil futures made day low at 3520 and closed at

Rs.3568. Crude oil price reverse from its resistance level chances price may go

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

BASE METALS

MCX Copper is trading in red from last three days trading session. China refined Copper

demand can see rejigging thanks to the decline in the scrap imports of China. In the

latest released report Inbound shipments of used copper from January through March

dropped 11 percent from last year to 781,198 metric tons, the least since the first

quarter 2009, according to data released by the General Administration of

Customs..MCX Copper April closed at Rs 371.95 per kg, and made day low at Rs.

371.25.For today’s trading session traders may follow the sell on high strategy.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 25840

SUPPORT2: 26600

RESISTANCE1: 27110

RESISTANCE2: 27340

SILVER

SUPPORT1: 34950

SUPPORT2: 34300

RESISTANCE1: 36300 RESISTANCE2: 36950

CRUDE OIL

SUPPORT1: 3510

SUPPORT2:3465

RESISTANCE1: 3615

RESISTANCE2: 3665

COPPER SUPPORT1: 367

SUPPORT2: 364

RESISTANCE1: 375

RESISTANCE2: 379




CALL: SELL GOLD JUN BELOW 26600 TARGETS 26500, 26400 STOPLOSS

26800.

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Daily MCX News letter 23nd April 2015