COMMODITY MARKET OUTLOOK [DAILY REPORT]
30th May, 2012
REVIEW & OUTLOOK ON PRECIOUS, BASE METALS & ENERGY MCX Gold June `28859.00
Gold opened the session with smart gains and registered a high of `29135 levels. But, as mentioned in our previous note fresh supply pressure at the higher end of the current trading range(`28800--`29150) saw gold give up all its intraday gains. We reiterate that a close above or below the current range will decide the major trend for gold.
As seen in gold, silver too gave up its intraday gains as the session drew to a close. Despite 4 attempts over the past 3-4 sessionâ€™s silver hasnâ€™t been able to break above the `54750--`54900 levels. This clearly shows that this price range has now developed as the immediate resistance for silver and any new upside rally can be seen only when silver breaks above this resistance zone. Levels of `53300 can be tested by silver over the upcoming session.
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MCX Silver Jul `53964.00
MCX Copper Jun `428.85
Copper closed the session with a gain of close to 0.50% yesterday. A continuation of the current rally can be seen only if copper closes above the recent swing high of `430.70 levels. A break above the `430.70 levels will open up upside targets of `433 / `437 levels in copper. On the other hand, a re-test of the `425 levels could be seen if copper sustains below `430 levels.
Crude traded with impressive gains throughout the dayâ€™s trade and registered a high of `5132 levels, but couldnâ€™t hold on to the gains till the session closed. A break below `5065 levels will be a bearish development for crude and long positions if any should be squared off at these levels. An increase in the supply pressure can be seen once crude starts trading below the `5065 levels and this breakdown could even take crude below its recent swing lows of `5041 levels.
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MCX Crude Oil Jun `5097.00
KEY TECHNICAL LEVLES â€“ for MCX & NCDEX Commodities Commodity Gold
Sup-2 Sup-1 28621.67 28740.33
Close Res-1 28859.00 29056.33
Ref Soya Oil
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