MCX Commodity Market Updates & Tips Today 26 March 2013

Precious metals prices are trading a tad lower on MCX today. We do not expect any major fall in prices of bullions on account of accommodative monetary policy by the Fed and higher reserves by Russia. Buying at dips is recommended for the day.

Industrial/Base metals prices are trading lower on international bourses today. In the evening session we have the new home sales data to be released by the US. Any negative data reported is likely to further weigh on the prices of metals. Selling on rise is recommended for the day.

Crude oil prices are trading higher on international bourses today. We expect oil prices to give up its gains on account of higher inventory expectations at major US ports. Selling on rise is expected for the day.

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MCX Energy and Commodity market Analysis report Today

Oil prices rallied from steep early lows as European equities and the euro bounced on a better-than-expected German sentiment survey and speculation of more support from the European Central Bank.
Euro zone officials played down reports of emerging plans to halve Greece's debts and recapitalize European banks to cope with the fallout, stressing that no such scheme is yet on the table.
Crude prices briefly turned lower after a report that new single-family home sales in the United States fell in August to a six-month low pressured the euro, supported the dollar, and curbed Wall Street's rise.

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Support & Resistance levels of MCX Commodity Market for Monday

GOLD FUTURES RALLY AS WORLD ECONOMY, DEBT CONCERNS SPUR DEMAND FOR A HAVEN.
CRUDE OIL DROPS MOST IN A WEEK AS EURO TUMBLES ON EUROPEAN DEBT CRISIS.
COPPER TUMBLES MOST IN A MONTH AS OBAMA, BERNANKE FAIL TO BOOST CONFIDENCE.
INDIAN CHANA EDGES HIGHER ON LIMITED STOCK.

MCX GOLD (OCT)
TREND: Consolidate
R2: 28750
R1: 28450
S1: 27900
S2: 26650
STRATEGY: Buy on dips

MCX SILVER (DEC)
TREND: Consolidate
R2: 68500
R1: 66800
S1: 64400
S2: 62500
STRATEGY: Buy on dips

MCX COPPER (NOV)
TREND: Consolidate
R2: 427
R1: 421
S1: 409
S2: 404
STRATEGY: Buy on dips

MCX CRUDE OIL (SEP)
TREND: Consolidate
R2: 4210
R1: 4140
S1: 4000
S2: 3935
STRATEGY: Buy on dips

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Support & Resistance Levels of MCX Commodity Market Today

GOLD FALLS FROM RECORD AFTER SWISS PEG FRANC.
CRUDE OIL EXTENDS DROP ON SIGNS OF SLOWING U.S. ECONOMY, RISING STOCKPILES.
COPPER IN LONDON DROPS FOR A FOURTH DAY ON CONCERN GLOBAL GROWTH TO SLOW.
DOMESTIC OIL AND OILSEED TRADE BEARISH.

MCX GOLD (OCT)
TREND: Bullish
R2: 28750
R1: 28400
S1: 27300
S2: 26975
STRATEGY: Buy on dips

MCX COPPER (NOV)
TREND: Consolidate
R2: 428
R1: 422
S1: 410
S2: 404
STRATEGY: Sell on higher levels

MCX CRUDE OIL (SEP)
TREND: Consolidate
R2: 4080
R1: 4020
S1: 3890
S2: 3810
STRATEGY: Buy on dips

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Support & Resistance Levels of MCX Gold, Silver Commodity Today

COPPER SLIPS ON GROWTH FEARS, STRONG DOLLAR.
DOMESTIC OIL AND OILSEED CONTINUE TO TRADE LOW.

GOLD RISES ON WORRIES OVER U.S. GROWTH, EURO ZONE DEBT.
CRUDE OIL DROPS ON SIGNS OF SLOWDOWN; GULF WORKERS RETURN AFTER STORM.

MCX SILVER (Dec)
TREND: Bullish
R2: 68400
R1: 67800
S1: 65400
S2: 64250
STRATEGY: Buy on dips

MCX GOLD (OCT)
TREND: Bullish
R2: 29100
R1: 28850
S1: 28160
S2: 27900
STRATEGY: Buy on dips

MCX CRUDE OIL (SEP)
TREND: Consolidate
R2: 3980
R1: 3910
S1: 3805
S2: 3750
STRATEGY: Buy on dips

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Support and Resistance levels of MCX Commodity Market Today

GOLD DIPS, BUT SUPPORTED BY FED OUTLOOK.
CRUDE OIL FALLS FROM TWO-WEEK HIGH IN NEW YORK ON U.S. SUPPLY FORECASTS.
COPPER CLIMBS FOR SIXTH DAY IN LONDON TRADING ON OPTIMISM FOR MORE DEMAND.

MCX SILVER (DEC)
TREND: Consolidate
R2: 66800
R1: 65900
S1: 63100
S2: 61950
STRATEGY: Buy on dips

MCX GOLD (AUG)
TREND: Consolidate
R2: 27700
R1: 27480
S1: 26970
S2: 26630
STRATEGY: Buy on dips

MCX CRUDE OIL (SEP)
TREND: Consolidate
R2: 4175
R1: 4120
S1: 4020
S2: 3970
STRATEGY: Buy on dips

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Support and Resistance levels of MCX Commodity Market

GOLD BUOYED BY UNCERTAINTY AHEAD OF FED MINUTES.
CRUDE OIL FALLS FROM TWO-WEEK HIGH IN NEW YORK ON U.S. SUPPLY FORECASTS.
COPPER RISES TO THREE-WEEK HIGH IN LONDON TRADING ON U.S. GROWTH OUTLOOK.
DOMESTIC OIL AND OILSEED ERASES EARLY HIGHS AND TRADE LOW.

MCX SILVER (SEP)
TREND: Bullish  
R2: 65200
R1: 63400
S1: 60600
S2: 59200
STRATEGY: Buy on dips

MCX COPPER (AUG)
TREND: Bearish
R2: 434
R1: 428
S1: 417
S2: 412
STRATEGY: Sell on Higher levels

MCX CRUDE OIL (SEP)
TREND: Bearish
R2: 4210
R1: 4150
S1: 4030
S2: 3980
STRATEGY: Sell on Higher levels

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Support & Resistance levels of MCX Commodity Market

GOLD RETREATS FROM RECORD HIGH ABOVE $1,900/OZ.
CRUDE OIL RISES A SECOND DAY ON U.S. FUEL DEMAND, LIBYA CRUDE PRODUCTION OUTLOOK.
COPPER CLIMBS ON SPECULATION FED WILL TAKE STEPS TO BOLSTER U.S. ECONOMY.
INDIAN SPICES COMPLEX TRADE UP.

MCX SILVER (SEP)
TREND: Bullish   
R2: 66800
R1: 65350
S1: 62450
S2: 60500
STRATEGY: Buy on dips

MCX ZINC (AUG)
TREND: Bearish
R2: 105.05
R1: 102.75
S1: 96.60
S2: 94.20
STRATEGY: Sell on Higher levels

MCX NATURAL GAS (AUG)
TREND: Bearish
R2: 192
R1: 187
S1: 176
S2: 171
STRATEGY: Sell on Higher levels

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Support & Resistance levels of MCX Commodity today

GOLD EASES AFTER NEARING RECORD ON STOCK MARKET JITTERS.
NEW YORK CRUDE RISES ON EASING LIBYAN UNREST.
COPPER SLIPS AS GLOBAL GROWTH FEARS LINGER.
INDIAN SPICES COMPLEX TRADE UP.

MCX GOLD (OCT)
TREND: Bullish    
R2: 28600
R1: 28350
S1: 27575
S2: 27200
STRATEGY: Buy on dips

MCX SILVER (SEP)
TREND: Bullish    
R2: 68700
R1: 66650
S1: 64000
S2: 62600
STRATEGY: Buy on dips

MCX COPPER (AUG)
TREND: Bearish
R2: 410
R1: 404
S1: 395
S2: 390
STRATEGY: Sell on Higher levels

MCX CRUDE OIL (SEP)
TREND: Bearish
R2: 3965
R1: 3880
S1: 3775
S2: 3670

STRATEGY: Sell on Higher levels

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