Tuesday, June 14, 2011

Technical report on MCX Commodity today | MCX Tips

Gold fell to its lowest in more than a week on Monday as the euro eased against the dollar, but concerns about the euro zone debt crisis sustained investor interest in the precious metal as a store of value. Copper fell to a three-week low on Monday, dragged down by signs of cooling in top consumer China and holidays across most of Europe.

Gold prices have made some advancement on Monday after declining in last session as US dollar slipped againt euro. Precious metal prices witnessed its biggest one-day decline in a month on Friday. Crude prices have declined on Monday extending their previous session's losses on news that Saudi was offering more oil to Asian customers, though continuing unrest in the Middle East was keeping a check on sharp fall.

R2: 55250
R1: 54300
S1: 51750
S2: 50300
Trend: Consolidate
Strategy: Buy on dips

R2: 416
R1: 409
S1: 395
S2: 387
Trend: Consolidate
Strategy: Buy on dips