Sell MCX Gold Aug fut; target Rs 27800: Fortune Financial

Fortune Financial Services has come out with its technical report on bullion. According to the research firm, MCX Gold Aug futures contract trend is looking weak on chart, day traders can sell on rise or sell at Rs 28000 Target Rs 27800 & Rs 27600 SL above Rs 28200.

Fortune Financial Services' technical report on bullion -Bullion MCX gold up as rupee hits all-time low, Despite the fall in COMEX futures, gold futures on MCX were trading higher today as the rupee fell to a record low against the Dollar. The rupee fell over 1 percent today and touched an all time low of 57.7950 against the dollar Gold futures on COMEX were trading lower today as the dollar firmed up against the euro following better-than expected US jobs data Friday.
Energy Crude oil futures on MCX traded higher today due to the steep fall in the rupee against the dollar, however, the fall in New York Mercantile Exchange contracts limited the rise. NYMEX oil futures traded lower today due to the dollar gaining strength in early trade against the euro and a fall in China's crude oil imports.

 Metals Base metal futures erased early losses on MCX today as the rupee depreciated sharply against the dollar, The rupee fell sharply to touch an alltime low of 58.15 per dollar.LME base metals traded lower following slowdown in industrial production growth in China in May. Participation in base metals' trade remained low because Chinese markets were closed on account of a public holiday. MCX Gold Aug futures contract trend is looking weak on chart, day traders can sell on rise Major support is seen in range of Rs 27770, Rs 27580 and Rs 27400. While important resistance is seen near Rs 28180, Rs 28360 and Rs 28600. Recommendation - Day traders can sell at Rs 28000 Target Rs 27800 & Rs 27600 SL above Rs 28200

MCX Silver July futures contract is looking weak on chart, day traders can sell on rise Major support is seen in range of Rs 43650, Rs 43100 and Rs 42700. While important resistance is seen near Rs 44350, Rs 44750 and Rs 45150 Recommendation - Day traders can sell at Rs 44350 Target Rs 43700 & Rs 43200 SL above Rs 44900.

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Source : .Money Control