Fortune Financial Servies has come out with its report on commodities. According to the research firm, MCX Gold
June Contract is looking positive for the day. Market may find support
near 29580 & 29480; intraday resistance can be seen near 29760 &
29880. Day traders can buy intraday on dips.
Bullion: Domestic gold trading higher a similar rise in the COMEX. Gold prices jumped Friday after a weaker-than-expected U.S. payroll report sparked fresh hopes for an extended period of gold-friendly stimulus from the U.S. Federal Reserve. Economists surveyed by Dow Jones Newswires had forecast that nonfarm payrolls would rise by 200,000 and the unemployment rate would hold steady at 7.7 percent.
Energy: Domestic oil futures were trading lower tracking benchmark contracts on the New York Mercantile Exchange, where prices declined following release of discouraging US non-farm payrolls data. In domestic market, crude oil traded down on weak NYMEX cues and appreciation in rupee against the dollar.
Metals: Base metal futures on the MCX were trading lower tailing similar cues from benchmark London Metal Exchange contracts, as market came under pressure following disappointing US non-farm payrolls data. Bearish comments by European Central Bank's President Mario Draghi hinting at downside risk to Eurozone economic recovery also weighed on sentiment.
MCX Gold June Contract is looking positive for the day. Market may find support near 29580 & 29480; intraday resistance can be seen near 29760 & 29880. Day traders are advised to buy intraday on dips. (Buy around 29580 with SL 29480, for the target of 29760 & 29880.)
MCX Silver May Contract is looking positive for the day. Market may find support near 50800 & 50200; intraday resistance can be seen near 51700 & 52200. Day traders are advised to buy intraday on dips. (Buy around 50800 with SL 50200, for the target of 51700 & 52200.)
http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-silver-may-around-rs-52200-52250-way2wealth_848688.html)
Bullion: Domestic gold trading higher a similar rise in the COMEX. Gold prices jumped Friday after a weaker-than-expected U.S. payroll report sparked fresh hopes for an extended period of gold-friendly stimulus from the U.S. Federal Reserve. Economists surveyed by Dow Jones Newswires had forecast that nonfarm payrolls would rise by 200,000 and the unemployment rate would hold steady at 7.7 percent.
Energy: Domestic oil futures were trading lower tracking benchmark contracts on the New York Mercantile Exchange, where prices declined following release of discouraging US non-farm payrolls data. In domestic market, crude oil traded down on weak NYMEX cues and appreciation in rupee against the dollar.
Metals: Base metal futures on the MCX were trading lower tailing similar cues from benchmark London Metal Exchange contracts, as market came under pressure following disappointing US non-farm payrolls data. Bearish comments by European Central Bank's President Mario Draghi hinting at downside risk to Eurozone economic recovery also weighed on sentiment.
MCX Gold June Contract is looking positive for the day. Market may find support near 29580 & 29480; intraday resistance can be seen near 29760 & 29880. Day traders are advised to buy intraday on dips. (Buy around 29580 with SL 29480, for the target of 29760 & 29880.)
MCX Silver May Contract is looking positive for the day. Market may find support near 50800 & 50200; intraday resistance can be seen near 51700 & 52200. Day traders are advised to buy intraday on dips. (Buy around 50800 with SL 50200, for the target of 51700 & 52200.)
http://www.moneycontrol.com/news/brokerage-recos-commodities/sell-mcx-silver-may-around-rs-52200-52250-way2wealth_848688.html)
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