On Monday morning a huge destruction is seen in bullion in domestic market. Gold and silver shows a full of red after open in down side at MCX, gold for June delivery open at 25790 against its previous close at 25835. On intraday trade gold prices touched a low of 25374 and expected to more reverse movement in red side.
Intraday resistance: 25875 , 25940
Intraday Support 25300, 25210
Sell gold June below 25400 tgt 25370, 25330, 25250……………sl 25550
MCX silver for future delivery fell by more than 4% on Domestic market, today at MCX it open at 42550 and form that position it continue fall and touched an intraday low of 40749. Silver demands in domestic as well as overseas market not support the trend and fell to hold the market. Silver is looking bearish for medium long term and support a strong downtrend.
Intraday resistance: 42750, 42900
Intraday support: 40500, 40300
Sell silver below 40850 tgt 40800, 40700, 40600----………….sl 41800
MCX crude oil also follow bearish trend with bullion, today crude oil trend not supporting the open interest. MCX crude oil for June delivery opens at 5291 bit low against its last close and touched an intraday low of 5266. Some correction might be seen in crude in evening session but for whole day it seems to be bearish.
Sell crude oil below 5300 tgt 5290, 5280, 5260……….sl 5340
MCX base metal supporting a mixed trend, copper are looking bearish after open at 405 and continue to fell from its opening position. On day trading copper prices touched a low of 401.60 and expecting to more fall in today trading at MCX. While MCX nickel shows a mixed reaction for May delivery after open at 813.20, on intraday trade it touch a high of 816.80 with a low of 811.40.
Sell copper June below 402 tgt 401, 400, 398……..sl 406
Sell nickel May below 812 tgt 810, 808, 806………..sl 818
MCX mentha oil looks positive in market and expected to show green, for today trading it support a bullish note. Today for future delivery it open at 930 and touched an intraday high of 943.20 with a low of 929.50.
Buy mentha oil above 938 tgt 940, 943, 950……….sl 926