Buy MCX Gold, Silver, Copper, Lead, Crude:Dani Commodities

The commitment shown by European Central Bank (ECB) President, Mario Draghi, towards Euro polished the base metals on Thursday. Overall dull weak of metals saw some spark after ECB President said that "The ECB is ready to do whatever it takes to preserve the euro". The news helped Euro recover against its peer Dollar from its two year lows. The pair closed at 1.2277, up 129 pips. Recovering Euro ignored the news that Moody's Services lowered rating outlook on 17 German banks to negative. Moody's has earlier cut the outlook on Germany sovereign ratings. France unemployment rate remained high in June. The jobseekers increased by 23700 to 2.946 million in June.

In US, labour department said that initial jobless claims declined to 353000 for week ending 21 July, compared to a revised figure of 388000. National Association of Realtors (NAR) said that pending home sales declined by 1.4% to 99.3 in June.

Three month forwards LME Copper settled at $ 7511 per tonne, up $ 70 on 26 July 2012. Early electronic trades are witnessing some profit booking in Copper that quotes at $ 7500 per tonne. MCX Copper, August expiry contract declined on account of strength in Indian Rupee. The contract closed at Rs 418.6 per kg, down 0.51%. Indian Rupee gained 64 pips to close at 55.52 against the Dollar.

MCX GOLD
International: Major Support at USD1550. Bullish till USD1625.
Domestic: Buy at 29770, Stop loss 29730, Target 29830.

MCX SILVER
International: Major Support at USD26. Bullish above USD28.
Domestic: Buy at 53300, stop loss 53100, Target 53500.

MCX COPPER
Domestic: Buy at 419.50, Stop loss 417, Target 422.

MCX LEAD
Domestic: Buy at 104.30, Stop loss 103.80, Target 104.80

MCX ZINC
Domestic: Buy at 101.20, Stop loss 100.70, Target 101.70.

MCX ALUMINIUM
Domestic: Buy at 103.40, Stop loss 103, Target 104.60.

MCX NICKEL
Domestic: Buy on dips at 886, Stop loss 880, Target 892.

MCX CRUDE OIL
International: Major Support for WTI at USD83 Bullish above USD 91
Domestic: Buy above 5010, Stop loss 4980, Target 5040. Else Sell below 4975, Stop loss 5000, Target 4950.

MCX NATURAL GAS
Domestic: Buy above 173, Stop loss 171, Target 175. Else Sell below 171, Stop loss 173, Target 169.

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