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Daily MCX News letter

14th May 2015

DAILY MCX News letter




PRECIOUS METALS:

Gold prices surpassed levels of Rs 27000 per 10 grams and ended the

session at Rs 27528 per 10 grams. The prices tested a high of Rs 27568

per 10 grams and a low of Rs 27051 per 10 grams. For today’s trading

session follow the strategy buy on dips. Keep eye on today’s upcoming

data.

ENERGY

MCX Crude oil may contract is now in bullish trend. For today’s trading

session we are expecting price may go higher side follow the strategy

buys on dips. Crude oil closed at Rs.3909 and made day high at 3965.

WTI crude oil prices stayed supported, extending recent gains ahead of

the weekly EIA data. A key update from International Energy Agency

(IEA) noted that the USS hale oil supplies are slowing. Global crude oil

prices rallied in April and early May despite persistently high global

supply and continued stock builds.

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 414.40 per kg. Copper

ended the day at Rs 417.05 per kg. For today follow the strategy buy on

dips.

MARKET WRAP




PIVOT POINT

GOLD

SUPPORT1: 27340

SUPPORT2: 27100

RESISTANCE1: 27690

RESISTANCE2: 27920

SILVER

SUPPORT1: 38850

SUPPORT2: 38200

RESISTANCE1: 40100 RESISTANCE2: 40750

CRUDE OIL

SUPPORT1: 3840

SUPPORT2:3795

RESISTANCE1: 3955

RESISTANCE2: 4005

COPPER SUPPORT1: 412

SUPPORT2: 409

RESISTANCE1: 420

RESISTANCE2: 424




CALL: BUY GOLD JUN ABOVE 27520 TARGETS 27620, 27720 STOPLOSS

27320.

PICK OF THE DAY




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