Friday, June 10, 2011

Technical Views on MCX Commodity for today 10 June 2011

Gold prices firmed to session highs near $1,545  
U.S. crude oil rose in choppy trade on Thursday  
Copper ended almost flat on Thursday  

U.S. crude oil rose in choppy trade on Thursday on  concerns about supply as investors assessed the impact of OPEC's failure to agree on a rise in output targets which threw a spotlight on supply concerns. Copper was softer on  Thursday as traders fretted about further signs of U.S. economic weakness, but prices were buttressed by expectations of higher demand from top consumer China. Gold prices  firmed to session highs near $1,540 an ounce on Thursday after the European Central Bank signalled a euro zone rate hike is on the cards for July, as expected.

MCX SILVER (JULY)
R2: 57730
R1: 56620
S1: 54700
S2: 53400
Trend: Consolidate
Strategy: Buy on dips

MCX NICKEL (JUNE)
R2: 1071
R1: 1045
S1: 1015
S2: 985
Trend: Consolidate
Strategy: Sell on high


MCX CRUDE OIL (JUNE)
R2: 4645
R1: 4570
S1: 4475
S2: 4415
Trend: Consolidate
Strategy: Buy on dips

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