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 sell on rise or sell
at Rs 27220 for target of Rs 27000 & Rs 26850 with a stop loss above Rs
27350. Fortune Financial Services' technical report on bullion -
Bullion: Spot gold hovers around USD 15/oz lower on the day,
its physical demand outlook dented on Indian restrictions, aimed at narrowing
the nation's current account deficit, that prohibit trading agencies from
importing gold under a deferred payment plan. Investor sentiment toward gold
particularly as a hedge against inflation was further weakened by OECD data
showing developed world inflation has tamed. Bullion Vault’s Gold Investor
Index shows sentiment fell in May from April's sudden jump, when gold buyers
took advantage of lower prices.
Energy: U.S. crude futures moved lower Tuesday, retreating
after gains in the previous session, as investors keep watch for signals on the
health of the broader economy. Oil traders are looking ahead to weekly data on
U.S. oil and fuel inventories due Wednesday, and monthly payrolls data later
this week.
Metals: Copper prices closed at their highest level in
almost two weeks on the London Metal Exchange Tuesday, buoyed by concerns that
supply of the metal may tighten amid an ongoing production outage at one of the
world's largest copper mines. At the PM kerb close, LME three-month copper was
up 1.5 percent at USD 7,454 a metric ton. Aluminum was up 1.0 percent at USD
1,945 a ton.(Prices in Rs.)
MCX Gold Aug futures contract trend is looking strong on
chart, day traders can sell on rise Major support is seen in range of 26940,
26820 and 26660. While important resistance is seen near 27250,27460 and 27660.
Recommendation - Day traders can sell at 27220 Target 27000 & 26850 SL
above 27350.
MCX Silver July futures contract is looking weak on chart,
day traders can sell on rise Major support is seen in range of 43500 ,42900 and
42500 . While important resistance is seen near 44250 , 44700 and 45150. Recommendation
- Day traders can sell below 43500 Target 42950 & 42500 SL above 43850.
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Source : .Money Control
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