Commodity On Bearish Trend| Copper Gold Silver Updates

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On the Monday morning commodity market open at negative bias as both commodity segement have red point opening. 

Copper Updates Today :- MCX Copper opened down by Rs. 2.5 per kg, at Rs. 442 per kg. Copper supports for the contract are at Rs. 440 and Rs. 438 per kg. Resistance for the contract are at Rs. 444 and 446 per kg. 

MCX Gold Updates :- Gold prices witnessed a sell off after breaking the range below 31750 and closed at 31506. We expect a bounce back till 31650 to 31720 whereby prices are expected to witness selling pressure. With appreciation in INR we expect prices to test 31200 -31100 on lower end. Support - 31200 31330 31450 Resistance - 31630 31720 31800. 

MCX Silver Updates :- Silver prices are expected to open gap down, we expected prices to test 62000 -61800 on lower end. For intraday if holds 62000 -61800 one can buy with a strict stop loss below 61700. Support - 61800 62500 63200 Resistance - 63500 64000 64450. 

NCDEX Tips Today :- Sell wheat on pullbacks . Sell refined soy oil on pullbacks. Sell castorseed on pullbacks. 

NCDEX Chana Updates :- After the recent pullbacks, prices kick start the selloffs and anticipate the same to extend towards 4300 levels in the near term. 

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Gold, Silver, Crude oil Mcx Tips For Today And Trend

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Copper Trend Today :- Moving above Rs. 428, Indian copper futures have done well for itself. The levels mentioned were crucial as Copper was forming a bullish ascending triangle pattern from last few weeks that got broken today after Copper formed two horizontal tops in May and June. If Copper sustains above these levels on closing basis it can move towards Rs.450 per kg that will be the next resistance zone. 

MCX Aluminium Trend :- MCX Aluminium for delivery in July 2012 edged down by 0.2% or Rs. 0.25 at Rs. 105.4 per kg on Monday, 2nd June and tested an intraday high at Rs. 106.3 per kg and low atRs. 104.9 per kg. Short selling with 5% rise in its open interest to 8672 lots hampered the metal and it was still found to be in downtrend. The contract traded below 9-day EMA and RSI stood at 33.82. Aluminium is likely to find support at Rs. 104.9 per kg and Rs.103.3 per kg and resistance at Rs. 105.9 per kg and Rs. 106.7 per kg. 

MCX Tips For Today :- Buy Gold Around 29600 / 29625, with stop lossof 29550, and target of 29700 / 29750. 

Buy Silver above 53550, with stop loss of 53200, with target of 53950 / 54300. 

Buy Crude Oil around 4610, with stop loss of 4570, and target of 4650 / 4675. 

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