Buy MCX Gold August fut on dips, advises 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 strong on chart, day traders can buy on dips or buy at Rs 27700 for price target of Rs 27900 & Rs 28000 with a stop loss below Rs 27580. Fortune Financial Services' technical report on bullion - commoditycharts india commodity trading software

Bullion: Gold prices edged higher Wednesday as the dollar slipped against the euro and as global equity markets stabilized after the previous day's volatility. The most actively traded contract, for August delivery, was recently up USD 7.10, or 0.5 percent, at USD 1,384.20 a troy ounce on the Comex division of the New York Mercantile Exchange. Investors in China, the world's largest gold producer and secondlargest consumer of the precious metal behind India, have been on the sidelines since Monday as they celebrate the Dragon Boat holiday. intraday commodity charts india intraday commodity charts

Energy: Crude-oil futures edged higher Wednesday as a weekly government report that showed increasing U.S. oil inventories wasn't as bad as some traders feared. Light, sweet crude for July delivery recently traded up 70 cents, or 0.51 percent, higher at USD 96.08 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 72 cents higher at USD 103.68 a barrel.

Metals: London Metal Exchange copper closed higher Wednesday after Freeport McMoRan Copper & Gold Inc. (FCX) declared force majeure at its Grasberg mine in Indonesia, adding to concerns about the global copper supply this year. At the close of trading, the LME flagship metal three-month copper was 0.8 percent higher on the day at USD 7,120 a metric ton. commodity trading software natural gas technical analysis

MCX Gold Aug futures contract trend is looking strong on chart, day traders can buy on dips Major support is seen in range of Rs 27700, Rs 27580 and Rs 27400 . While important resistance is seen near Rs 27970. Rs 28110, and Rs 28340.

Recommendation - Day traders can buy at Rs 27700 Target Rs 27900 & Rs 28000 SL below Rs 27580.

MCX Silver July futures contract is looking strong on chart, day traders can buy on dips Major support is seen in range of Rs 43300, Rs 42900 and Rs 42400 . While important resistance is seen near Rs 43900, Rs 44300 and Rs 44750.

Recommendation - Day traders can buy at Rs 43300 Target Rs 43900 & Rs 44200 SL below Rs 42950.

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Source : .Money Control