Thursday, June 9, 2011

MCX Commodity Market Technical Report for today

Gold fell on Wednesday  
LME Copper prices fell 2 percent on Wednesday  
Crude oil trading above 101$

Gold fell on Wednesday after Federal Reserve Chairman Ben Bernanke offered no hints of further U.S. monetary easing in a speech a day earlier, taking some pressure off the dollar. The dollar was up around a third of a percent against a basket of six other major currencies early on Wednesday and by nearly half a  percent versus the euro. LME copper prices fell 2 percent on Wednesday after Federal Reserve's Bernanke bleak assessment of the U.S. economy depressed market sentiment.

MCX GOLD (AUG)
R2: 22850
R1: 22650
S1: 22430
S2: 22170
Trend: Consolidate
Strategy: Buy on dips

MCX SILVER (JULY)
R2: 56750
R1: 55680
S1: 53700
S2: 52550
Trend: Consolidate
Strategy: Buy on dips

MCX COPPER (JUNE)
R2: 424
R1: 415
S1: 403
S2: 395
Trend: Consolidate
Strategy: Buy on dips

Followers