Friday, March 29, 2013

MCX gold fall by for than 3%, mcx cotton,crude and silver trying to recover

Gold prices continue their negative movement and fall form morning, in morning it go bit high and touch an intraday high of 29604 where as on downside it touches a low of 29532 for April delivery. Mcx gold for March delivery drops by more than 3%. In the overseas market gold playing above $1600 an ounce, due to increase in import duty demand in gold has reduced.  Mcx silver falls by more than -200 point from its opening price. Today on early morning it open at 54036 and form that position it continue falling and touches an intraday low of 53860.
Some correction may be seen on evening after 6:00 pm. Today gold is expected to trade with a support of 29460 and a resistance of 29658.
Today Silver expected to trade with a support level of 53680 and resistance of 54475.
Natural gas for 25 April in future traded low with a mixed movement.  On intraday it touches a high of 224.40 whereas on downside it touches a low of 221.50. On domestic market natural gas this week are expecting a bearish trend while so such high movement had seen in natural gas so far compare to previous year.  
Today in commodity market mcx cotton open at very high position of 19000 but showing a dull movement. On intraday a long jump might be seen on evening trading session. 
Today recommendation

Buy cotton above 18650 tgt 18680, 18720, 18800………….sl 18400

Buy crude oil above 5260 tgt 5270, 5280, 5290…….sl 5230

Buy silver above 53700 tgt  53800,53900, 54000 ………sl 53400

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