The prices of MCX Gold declined and ended the day below Rs 27125 per 10 grams on 29 May 2015 against Rs 27112 per 10 grams on 28 May 2015. The prices have formed a descending triangle pattern that is bearish in long run for the prices of Gold. Gold is even very close to Rs 27020 per 10 grams which is the base line for metal. for today’s trading session follow the strategy buy on dips. ENERGY

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Daily MCX News letter
01st Jun 2015
DAILY MCX News letter

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PRECIOUS METALS:
The prices of MCX Gold declined and ended the day below Rs 27125 per 10 grams
on 29 May 2015 against Rs 27112 per 10 grams on 28 May 2015. The prices have
formed a descending triangle pattern that is bearish in long run for the prices of
Gold. Gold is even very close to Rs 27020 per 10 grams which is the base line for
metal. for today’s trading session follow the strategy buy on dips.
ENERGY
Crude Oil prices moved higher on the last trading day of the week and settled at
Rs 3869 per barrel last week. Crude Oil was at Rs 3668 per barrel a day before on
28 May 2015. The price tested a high of Rs 3878 per barrel on Friday and a low of
Rs 3670 per barrel. The open interest lost sharply and has now reached 12919
against 14738 on 28 May 2015. Gains above Rs 3900 would be benefitting Crude
Oil. Follow the strategy buy on dips.
BASE METALS
Copper closed lower for the third straight day. The prices of MCX Copper settled
the session at Rs 392.45 per kg against Rs 393.85 per kg. The prices of MCX
Copper broke the rising wedge pattern that started the slide in the metal. With
new support base broken on every passing day, Copper is now eyeing to find
some friction at Rs 380 per kg on the lower side. Breaking this level would mean
heavy trouble for the metal and prices can then move to Rs 365 per kg. follow the
strategy sell on high.
MARKET WRAP

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PIVOT POINT
GOLD
SUPPORT1: 26690
SUPPORT2: 26450
RESISTANCE1: 27045
RESISTANCE2: 27255
SILVER
SUPPORT1: 37750
SUPPORT2: 37100
RESISTANCE1: 38900
RESISTANCE2: 39550
CRUDE OIL
SUPPORT1: 3810
SUPPORT2:3765
RESISTANCE1: 3915
RESISTANCE2: 3765
COPPER
SUPPORT1: 382
SUPPORT2: 379
RESISTANCE1: 390
RESISTANCE2: 394

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An ISO 9001-2008 Company
BUY GOLD AUG ABOVE 27180 TARGETS 27280, 27380 STOPLOSS
26975.
PICK OF THE DAY

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