Wednesday, May 22, 2013

MCX tips for today: support and resistance for silver and gold- Today trading Level-commodity face and crude oil updates for 22/05/13

Today commodity market pen with a mixed reaction, if we are talking about bullion it open on green side but MCX crude oil and cotton are on red side.  In today trading crude oil for June delivery looks bearish with a negative trend. On overseas market Brent crude oil traded near $ 103.56 and hopes to down more in remaining session.

On domestic market crude oil is expected to trade in the range of 5280 to 5368.
Meanwhile after open in green side gold and silver fall down in red side and carry on more reaction towards down side. Today good for June delivery open at 26174 against its previous close 26110. At Singapore gold traded higher due to strong demand from Chinese market.

Support:  25810, 25600
Resistance: 26240, 26400


On Wednesday, morning silver open at bit higher than its last close and open at 43202 it last is 43170. Currently bullion is on under pressure and trading with a low demand in Asian market.   Open interest not supporting the trend and that help to silver play in negative side.

Support:  42850, 42700, 42575
Resistance:  43400, 43590, 43780

Base metal are playing in more comfort zone, today MCX copper, nickel , zinc and aluminum all are open in up direction. Copper and nickel are looks more confident in domestic market. MCX coppers for June delivery open at 410.50 against it last close at 409.70.

Nickel open at 832.40 against last close 830.10 and expecting to move on higher in today trading with a bullish trend. While some correction is going to seen in zinc, lead and aluminum is today trade from its open position.

Mentha oil are looks much volatile in last two trading session, in which it kisses the level of 1000 and traded more up at MCX.  Today it opens at 1028 much higher than it yesterday close at 1000.80


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