Today Multi commodity exchange showing a mixed movement, in the early morning not a very high movement had seen in bullion. Gold on spot market mostly traded on green side with a small sloppy movement. Today gold touch a upper limit of 29418 with a low of 29353. On MCX silver is looking on bearish side, no such high movement had seen on the morning session.
If we are moving on base metal all metal are open towards green side but as market continue it seen in red negative side. Today nickel opens on good side and on morning touch an intraday high of 910 with a low of 903.60. On MCX nickel losses its good movement this week and mostly time it had seen in red side. Some positive may be expected in upcoming week. On the other hand copper are also trading on bearish side, copper have strong support level of 424 with a resistance of 429.
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Crude and Mentha oil
Crude oil import of china has drop down by 9% y/y and in the first 2 month of 2013 it’s down by 1% as compare to its previous year. Meanwhile its export is rose by 21.8 % year on year. This will affect the domestic Asian market. On MCX crude oil were traded in down side and touch an intraday low of 4977 with a high of 4995.it is advice to hold the position on medium long term. Mentha oil prices are floating between 1225 and 1245. Today mentha oil mostly watched in wrong side with a low of 1232 and high of 1242.90 and expected more bearish on remaining session.
Sell gold below 29360 tgt 29330, 29300, 29260…….sl 29460
Sell silver below 54550 tgt 54500, 54400, 54300…………sl 54800