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Feb 11, 2013, 01.23 PM IST | Source: Moneycontrol.com

Buy MCX Gold April around Rs 30680; SL 30570: Fortune Fin

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Gold April Contract is looking positive for the day. Market may find support near Rs 30680 & Rs 30570; intraday resistance can be seen near 30880 & 30980. Day traders can buy intraday on dips.

Fortune Financial Servies has come out with its report on bullion, metals and energy. According to the research firm, MCX Gold April Contract is looking positive for the day. Market may find support near Rs 30680 & Rs 30570; intraday resistance can be seen near 30880 & 30980. Day traders can buy intraday on dips.

Bullion: Gold futures on local exchanges were trading lower tracking the fall in international markets, where prices declined due to the slight strength in dollar against the euro and on concerns over physical demand. The downside in the local prices was limited due to the weak trend in rupee against the dollar. In global markets, concerns over physical demand rose as the week-long Lunar New Year holidays in major consumer China will begin next week.

Energy: Domestic crude oil futures were trading higher mirroring similar movement in benchmark contracts on the New York Mercantile Exchange and depreciation in rupee against the US dollar. A weak rupee makes import of dollar-denominated commodities like crude oil expensive. NYMEX crude oil futures gained following release of upbeat data from China.

Metals: Base metal futures were trading higher on MCX tracking benchmark contracts on the London Metal Exchange, where weakness in US dollar against the euro pushed prices higher. LME metal futures gained tracking upbeat data from China, which showed copper imports rose 2.9% on month in January to 350,958 tn. However, the nation's copper imports were around 15% down from last year.

MCX Gold April Contract is looking positive for the day. Market may find support near 30680 & 30570; intraday resistance can be seen near 30880 & 30980. Day traders are advised to buy intraday on dips. (Buy around 30680 with SL 30570, for the target of 30880 & 30980.)

MCX Silver March Contract is looking positive for the day. Market may find support near 57800 & 57200; intraday resistance can be seen near 58600 & 59200. Day traders are advised to buy intraday on dips. (Buy around 57800 with SL 57200, for the target of 58600 & 59200.)

MCX Natural Gas February contract is looking negative the day. Market may find support near 175 & 172 intraday resistance can be seen near 179 & 182. Day traders are advised to sell intraday on rise. (Sell around 179 with SL 182 for the target of 175 & 172.)

MCX Crude oil February contract is looking positive for the day. Market may find support near 5140 & 5090; intraday resistance can be seen near 5190 & 5240. Day traders are advised to buy intraday on dips. (Buy around 5140 with SL 5090, for the target of 5190 & 5240.)

MCX Copper February contract is looking positive for the day. Market may find support near 443 & 440; intraday resistance can be seen near 448 & 451. Day traders are advised to buy intraday on dips. (Buy around 443 with SL 440, for the target of 448 & 451.)

MCX Lead February contract is looking slightly positive for the day. Market may find support near 128.90, 127.70, intraday resistance can be seen near 130.60 & 131.80 Day traders are advised to buy intraday on dips. (Buy around 128.90 with SL 127.70 for the target of 130.60 & 131.80)

MCX Nickel February contract is looking slightly positive for the day. Market may find support near 974, 965, intraday resistance can be seen near 992 & 1002.Day traders are advised to buy intraday on dips. (Buy around 974 with SL 965 for the target of 992 & 1002.)

MCX Aluminium February contract is looking slightly positive for the day. Market may find support near 111.50, 110.40, intraday resistance can be seen near 113.10 & 114.20 Day traders are advised to buy intraday on dips. (Buy around 111.50 with SL 110.40 for the target of 113.10 & 114.20)

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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