Buy MCX Gold Oct around Rs 30960: Fortune Financial

Bullion: Domestic gold futures that hit a record high tracking the early rise in COMEX futures and weak rupee against the dollar, erased some gains later as the benchmark overseas contract slipped on profit booking after prices rallied last week. Gold futures have recently gained sharply on expectation that US Federal Reserve may undertake another round of quantitative easing to stimulate growth in the world's largest economy.

Energy: After trading in positive zone during the day session, domestic crude oil futures fell sharply tracking trend in parent contract on New York Mercantile Exchange that declined on talk that US may release large stocks from the strategic reserves early next month.

Metals: Base metal contracts on the MCX were up due to a weak rupee against the US dollar amid hopes of monetary easing by the US Federal Reserve and the China's central bank to boost demand and growth. Base metal prices also got support from improving global risk appetite after reports surfaced about European Central Bank considering specifying yield targets and buying bonds of debt-ridden countries.

MCX Gold October Contract is looking positive for the day. Market may find support near 30960 & 30850; intraday resistance can be seen near 31140 & 31220. Day traders are advised to buy intraday on dips. (Buy around 30960 with SL 30850, for the target of 31140 & 31220.)

MCX Silver September Contract is looking positive for the day. Market may find support near 57700 & 57100; intraday resistance can be seen near 58600 & 59000. Day traders are advised to buy intraday on dips (Buy around 57700 with SL 57100, for the target of 58600 & 59000.)

MCX Natural Gas September contract is negative for the day. Market may find support near 149 & 146 intraday resistance can be seen near 153 & 156 Day traders are advised to sell intraday on rise. (Sell around 153 with SL 156 for the target of 149 & 146.)

MCX Crude oil September contract is negative for the day. Market may find support near 5260 & 5210; intraday resistance can be seen near 5330 & 5390. Day traders are advised to sell intraday on rise. (Sell around 5330 with SL 5390, for the target of 5260 & 5210.)

MCX Copper August contract is looking slightly positive for the day. Market may find support near 424 & 421; intraday resistance can be seen near 429 & 432. Day traders are advised to buy intraday on dips. (Buy around 424 with SL 421, for the target of 429 & 432.)

MCX Nickel August contract is looking positive for the day. Market may find support near 905, 895; intraday resistance can be seen near 925 & 932. Day traders are advised to buy intraday on dips. (Buy around 905 with SL 895, for the target of 925 & 932.)

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