Gold price again jump on the domestic market and expecting to rose more. World largest gold consuming country India celebrate 2nd biggest day after Dhantaras on which buying on gold jump by more than 50%. Demand in gold is expecting to rise on auspicious gold buying day of Akshaya Tritiya on Monday. Many jewelers say that these demands are increasing year per year, and in April month gold import are raise by 68% to 118 tonnes from 70 tonnes a year ago.
This week gold prices was trade with a good level on the starting of the week but as day passes with color are changes and come to 26971 at 10:40 am on Saturday. In upcoming week gold price are expecting to shows a huge bright color on opening day. MCX gold for June delivery expected to jump high and make some good correction and trading above 27000.
Buy gold above 27000 with a target of 300 with a same Stoploss.
Resistance 27600, 27900 and a support level of 26450, 26000
Silver price are diminish on Friday by more than -400 point, but a good recovery had made on Saturday morning after opening by above more than +200 at 45221. In this week silver trade with a strong support and make some low volatile movement. But global silver position trade with low motion after affecting by Euro prices against US dollar.
In upcoming week silver price are expecting to rose by more than 700 point, and traded above 45500.
Resistance 45600, 46000 and a Support of 44700, 44000
FOR FREE TRIAL FILL FORM
Global crude prices make some correction and their positive result
also had seen on Domestic market. MCX Crude traded above 5200 and expecting to crosses the mark of 5300, currently MCX crude for May delivery are in good position to buy and hold it in future for a month. This year crude oil prices expecting to move high and crosses the mark of 5500.
Base metal is trading with a low volume and demand also not matches open interest. MCX metal copper, nickel, Zinc, lead and aluminum are traded flat in this week, but some correction are going to see in domestic as well as overseas market.
Support and resistance
BUY COPPER ABOVE 410 TGT 413, 416,420 WITH A STOPLOSS 400
BUY NICKEL ABOVE 848 TGT 850, 855, 860… STOPLOSS 836
BUY LEAD ABOVE 109.50 TGT 110,111,111.50... STOPLOSS 107.50
Movement in mentha oil and cotton are looking bullish and more improvement is going to watch on MCX in this commodity. In upcoming week mentha oil are trade with a volatile movement and might crosses the line of 900. While cotton for May delivery following reverse trend and expected to trade above 18000.