Sell MCX Gold Oct around Rs 30200: Fortune Financial

Bullion: Gold futures on domestic exchanges were down today as a fall in COMEX futures and a firm rupee against the dollar weighed on prices. On COMEX, the metal erased gains, falling as the dollar rose against the euro. Silver futures were also trading lower tracking international prices. Weakness in gold and base metals weigh on international silver prices.

Energy: Crude-oil futures climbed after the government reported a steep drop in U.S. oil inventories last week, though market participants held off on laying big trades ahead of a disclosure on monetary policy from the Federal Reserve. Crude oil futures on domestic moved up as they got support from the rise in the contracts on the New York Mercantile Exchange but faced pressure from the strength in the rupee against the US dollar.

Base metals contracts on the MCX were in the red tracking trend on the London Metal Exchange, where prices fell as investors remained wary of taking new positions as they await the outcome of the two-day policy meet of the US Federal Reserve. Disappointing economic data from China also weighed on base metal's prices.

MCX Gold October Contract is looking negative for the day. Market may find support near 29920 & 29810; intraday resistance can be seen near 30200 & 30320. Day traders are advised to sell intraday on rise. (Sell around 30200 with SL 30320, for the target of 29920 & 29810.)

MCX Silver September Contract is looking negative for the day. Market may find support near 52700 & 52100; intraday resistance can be seen near 53600 & 54100. Day traders are advised to sell intraday on rise (Sell around 53600 with SL 54100, for the target of 52700 & 52100.)

MCX Natural Gas August contract is looking positive for the day. Market may find support near 174 & 171; intraday resistance can be seen near 179 & 182, Day traders are advised to buy intraday on dips. (Buy around 174 with SL 171, for the target of 179 & 182)

MCX Crude oil August contract is looking positive for the day. Market may find support near 4940 & 4880; intraday resistance can be seen near 5035 & 5080. Day traders are advised to buy intraday on dips. (Buy around 4940 with SL 4880, for the target of 5035 & 5080.)

MCX Copper August contract is looking negative for the day. Market may find support near 414 & 411; intraday resistance can be seen near 418 & 421. Day traders are advised to sell intraday on rise. (buy around 414 with SL 411, for the target of 418 & 421.)

MCX Nickel August contract is looking slightly negative for the day. Market may find support near 870, 860; intraday resistance can be seen near 890 & 903. Day traders are advised to sell intraday on rise. (Sell around 890 with SL 903, for the target of 870 & 860.)

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