Buy MCX Gold above Rs 30030; SL: Rs 29950: Dani Commodities

Indian base metals prices can face another round of dull start on Friday due to lower prices on London Metal Exchange amid slow physical demand and weak economic indicators from China, the U.S. and the euro zone. The markets will be awaiting non farm payroll numbers that can act as a trigger for the metals. LME Copper was again trading below its last day closing rates. The metal was seen at $ 7348 per tonne, as against $ 7394 per tonne on Thursday.

The expectations from Federal reserve were not met once again as the organization gave no indications for fresh stimulus. The fall in PMI of China earlier this week already lowered the confidence of metals. China official Purchase Manager's Index (PMI) fell to a eight month low of 50.1 in July compared to 50.2 in the month of June. European agency Eurostat said that 17 nation Euro zone unemployment stood at 11.2% in June. Indian Copper is likely to open below Rs 410 per kg on MCX, that will open in a few minutes. MCX Copper closed at Rs 411.6 per kg on 2 August 2012, down 1.2%. MCX Nickel closed at Rs 871 per kg, down 1%.

MCX GOLD
International: Major Support at USD1550. Bullish till USD1625.
Domestic: Buy above 30030, Stop loss 29950, Target 30120.

MCX SILVER
International: Major Support at USD26. Bullish above USD28.
Domestic: Buy above 53100, Stop loss 52800, Target 53400.

MCX COPPER
Domestic: Buy above 413.50, Stop loss 411, Target 416.

MCX LEAD
Domestic: Sell at 104.90, Stop loss 105.40, Target 104.40.

MCX ZINC
Domestic: Sell at 102.50, Stop loss 103, Target 102.

MCX ALUMINIUM
Domestic: Buy at 103.40, Stop loss 103, Target 103.80.

MCX NICKEL
Domestic: Buy above 875, Stop loss 868, Target 882.

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Buy above 4950, Stop loss 4920, Target 4980.

MCX NATURAL GAS
Domestic: Sell at 165, Stop loss 168, Target 162.

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