SENSEX NIFTY
Home » News » Brokerage Recos - Commodities
Apr 01, 2013, 12.03 PM IST | Source: Moneycontrol.com

Buy MCX Gold June Fut at Rs 29950-29900: Emkay

Emkay Commodity Research has come out with its report on Gold. According to the research firm, one can buy MCX Gold June Future at Rs 29950-29900 with stoploss Rs 29850 for the target of Rs 30150.

Emkay Commodity Research has come out with its report on Gold. According to the research firm, one can buy MCX Gold June Future at Rs 29950-29900 with stoploss Rs 29850 for the target of Rs 30150.

U.S. gold futures for June delivery settled down by USD11.50 at USD1595.70. Gold prices were down as a stronger dollar internationally and rally in equity markets boosted the risk appetite of investors and pushed gold prices down. Banks reopened in Cyprus without causing a massive run on deposits despite a controversial bailout plan which also kept gold prices in check. North Korea has entered a state of war with South Korea which could lead to uncertainty and can support gold prices.  

Gold prices are expected to go up as safe haven buying can push gold prices higher. Gold in India is expected to follow international markets and rupee movement will not impact prices as currency markets are closed today. Gold for June delivery on the Multi Commodity Exchange (MCX) was down by 0.50percent at INR 30,044/10gms. 

Strategy:

MCX Gold (June): Buy- Rs 29950-29900, stoploss- Rs 29850, target- Rs 30150.

MCX Silver (May): Buy- Rs 52700-52200, stoploss- Rs 52000, target- Rs 53700.

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.

To read the full report click here

ADS BY GOOGLE

video of the day

Auto, bank to do well; L&T good 2-3 yr story: Alchemy's Ved

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.