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Jan 02, 2013, 02.03 PM IST | Source: Moneycontrol.com

Buy MCX Gold at Rs 30810; target Rs 30920: Dani Commodities

Dani Commodities has come out with its report on commodities. According to the research firm, one can buy MCX Gold at Rs 30810 with a stop-loss of Rs 30740 for the target of Rs 30920.

Dani Commodities has come out with its report on commodities. According to the research firm, one can buy MCX Gold at Rs 30810 with a stop-loss of Rs 30740 for the target of Rs 30920.

Crude oil futures neared $93 a barrel buoyed by the passage of the fiscal cliff deal by the Congress taking the US dollar down nearly half a percent. After a day of wrangling, the House of Representatives voted Tuesday night to pass a bipartisan deal undoing the fiscal cliff of austerity measures, which began going into effect at the start of the year.

The passage came after the Senate approved the measure by a large bipartisan majority of 89-8 in the wee hours Tuesday morning, as lawmakers scrambled to avert much broader tax hikes and heavy spending cuts. The bill now heads to the White House, where President Barack Obama is expected to sign it into law.

The deal raises tax rates on household income above $450,000, extends unemployment benefits, and delays across-the-board spending cuts for two months, but it also lets a 2% payroll-tax cut lapse. Tax rates will rise to 39.6% from 35% currently on individual incomes of more than $400,000 and on couples’ incomes over $450,000.

The deal also does nothing to address the U.S. borrowing limit, which was officially reached Monday, forcing the Treasury to take special measures to delay insolvency for the U.S. government. NYMEX light sweet crude oil futures jumped above $92 a barrel in Asia electronic session today, heading towards $93. MCX January delivery crude oil futures may open today’s session near Rs 5030 levels with resistance near RS 5070 levels.

MCX GOLD
International: Major Support at USD1630. Bullish above USD1670.
Domestic: Buy at 30810, Stoploss 30740, Target 30920.

MCX SILVER
International: Major Support at USD29. Bullish above USD31.
Domestic: Buy at 58050, Stop loss 57800, Target 58550.

MCX COPPER
Domestic: Buy at 445.50, Stoploss 443, Target 449.

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