Due to depreciation in dollar price gold is showing a red sign, in the early trade on Tuesday morning. Dollar price is down by -0.15 against Indian rupees. The global gold price is also not in very strong position it is expected to trade between $1680-$1690. While on the MCX gold for February contract is traded low today, gold is expected to trade between 30550-31560. While the white metal is showing a good trend in the early trade it goes +180 point high to its previous close. Rupees position support the white metal and other base metal.
Today crude showing a strong position on the MCX, as we say earlier the crude is going to be eye catching this year. Crude oil is up by 28 point high from its last close for January contract at 10:36 am. The global crude position is going to be stronger this year. The crude in the Us is hold a good position.
The movement in cotton is very volatile today ,currently cotton is moving with the red flag, but the cotton have a strong support today 16700 and with a resistance of 16500.
Nickel has been a very worst performing metal in the last year in the domestic as well as global market. Nickel has fall 20% in the previous year but this year nickel made positive movement from the starting of the year. China demand is going to high in base metal and it provides a support for nickel and other base metals. Today nickel for January contract on the MCX is running with a positive green flag and up by 5.60 point high by its last trade.
Today buy calls:-
Buy silver above 58100 tgt 58200, 58300,,58500,…….sl 57560
Buy nickel above 953.90 tgt 955 ,956., 958……sl 948
Buy crude oil above 5060 tgt 5070, 5080 …sl 5035
Today sell calls
Sell cotton below 16580 . tgt 16570, 16560 ,16550 …………..16640
Sell gold below 30840 tgt 30800, 30760………sl 31200
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