Sell MCX Gold Oct around Rs 30000; SL Rs 30120: Fortune Fin

Bullion: Gold futures on domestic exchanges were trading lower as a strong rupee against the dollar weighed on prices. But, the fall was limited tracking the rise on COMEX futures due to a weak dollar against the euro. On COMEX, gold futures were earlier trading in a narrow range with a slight positive bias as the market awaited the US non-farm payrolls data for July.

Energy: Nymex Crude-oil futures surged 5% to a two-week high Friday after better-than-expected economic data boosted optimism about the U.S. economy. Oil got another boost by a slide in the U.S. dollar, as the positive data sent traders out of the dollar and into riskier assets and currencies

Metals: Base metal contracts on the MCX were mostly in the red due to a strong rupee against the US dollar. Base metal prices on LME were up on better-than-expected US non-farm payroll data. Prices of base metals are seen weakening in the coming days as demand is likely to fall further in the absence of economic stimulus in the major consuming nations.

MCX Gold October Contract is looking negative for the day. Market may find support near 29810 & 29700; intraday resistance can be seen near 30000 & 30120. Day traders are advised to sell intraday on rise. (Sell around 30000 with SL 30120, for the target of 29810 & 29700.)

MCX Silver September Contract is looking slightly positive for the day. Market may find support near 52800 & 52200; intraday resistance can be seen near 53700 & 54300. Day traders are advised to buy intraday on dips (Buy around 52800 with SL 52200, for the target of 53700 & 54300.)

MCX Natural Gas August contract is looking slightly negative for the day. Market may find support near 159& 156 intraday resistance can be seen near 164& 167 Day traders are advised to sell intraday on rise. (Sell around 164with SL 167 for the target of 159 & 156.)

MCX Crude oil August contract is looking positive for the day. Market may find support near 5040 & 4970; intraday resistance can be seen near 5120 & 5170. Day traders are advised to buy intraday on dips. (Buy around 5040 with SL 4970, for the target of 5120 & 5170.)

MCX Copper August contract is looking negative for the day. Market may find support near 409.50 & 406.50; intraday resistance can be seen near 415 & 418. Day traders are advised to sell intraday on rise. (Sell around 415 with SL 418, for the target of 409.50 & 406.50.)

MCX Nickel August contract is looking slightly negative for the day. Market may find support near 860, 845; intraday resistance can be seen near 885 & 898. Day traders are advised to sell intraday on rise. (Sell around 885 with SL 898, for the target of 860 & 845.)

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