Gold jun contract short term trend is bullish, made day high at 27014 and closed at Rs. 26889. Gold futures snapped a two-day loss to end higher on Friday, with some better-than-expected jobs data from the U.S., and unemployment rate dropping to a 7-year low. Gold traded in a range from last couple of days for today we are expecting price may go upside. Follow the strategy buy on dips.

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Daily MCX News letter
11th May 2015
DAILY MCX News letter

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PRECIOUS METALS:
Gold jun contract short term trend is bullish, made day high at 27014 and closed
at Rs. 26889. Gold futures snapped a two-day loss to end higher on Friday, with
some better-than-expected jobs data from the U.S., and unemployment rate
dropping to a 7-year low. Gold traded in a range from last couple of days for
today we are expecting price may go upside. Follow the strategy buy on dips.
ENERGY
MCX Crude oil may contract is now in bullish trend U.S. crude oil rebounded to
end higher on Friday, after data earlier this week showed crude stockpiles in the
country to have declined and as well on some positive jobs data from the U.S.
boosting demand growth prospects for oil. For today’s trading session we are
expecting price may go higher side follow the strategy buys on dips. Crude oil
closed at Rs.3796 and made day high at 3880.
BASE METALS
MCX Copper June contract is traded in a range from last week. The range of
copper is in between 410-420. Nearest resistance level at 423.50. China's copper
imports fell 4.4 percent year-on-year in April. But arrivals of anode, refined
copper, copper alloys and semi-finished copper products stood at 430000 tonnes
in April, the highest monthly imports since April 2014 and up 4.9 percent from
410000 tonnes in March. Copper trend is bullish; the prices tested a high of Rs
418.35 per kg and a low of Rs 411.50 per kg. Copper ended the day at Rs 414.25
per kg. for today follow the strategy buy on dips.
MARKET WRAP

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PIVOT POINT
GOLD
SUPPORT1: 26720
SUPPORT2: 26480
RESISTANCE1: 27060
RESISTANCE2: 27290
SILVER
SUPPORT1: 37350
SUPPORT2: 36700
RESISTANCE1: 38450
RESISTANCE2: 39100
CRUDE OIL
SUPPORT1: 3740
SUPPORT2:3695
RESISTANCE1: 3845
RESISTANCE2: 3895
COPPER
SUPPORT1: 410
SUPPORT2: 407
RESISTANCE1: 418
RESISTANCE2: 422

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An ISO 9001-2008 Company
CALL: BUY GOLD JUN ABOVE 26905 TARGETS 27150, 27300 STOPLOSS
27705.
PICK OF THE DAY

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