Sell MCX Gold August futures; target Rs 26800: Fortune Fin

Fortune Financial Services' report on bullion -

Bullion: Spot bullion prices in Mumbai ended down today tracking the slump in COMEX prices, However, the rupee's slide to an all-time low at 59.97 a dollar limited the fall in prices of the precious metals, August contract gold on COMEX fell below the USD 1,300-an-ounce mark while July silver contract fell to a 33- month low today. The falling spree was fuelled by Federal Reserve chief Ben Bernanke's remarks that the central bank might begin pulling back its bondbuying programe if the US economy continued to improve as per the bank's estimates. Energy: Crude-oil futures tumbled 2.6 percent Thursday, dropping along with broader markets after Federal Reserve Chairman Ben Bernanke's statement Wednesday that Fed stimulus measures could be trimmed later this year. Light, sweet crude for July delivery recently traded USD 2.45 lower at USD 95.79 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange for August delivery traded USD 2.62 lower at USD 103.50 a barrel. Metals: Copper prices tumbled to their lowest level in seven weeks on the London Metal Exchange Thursday after U.S. Federal Reserve Chairman Ben
Bernanke laid out a timetable for scaling back the central bank's stimulus program, and weak Chinese manufacturing data sparked concerns over future metal demand from the region. LME three-month copper slid 2.2 percent to USD 6,806 a metric ton Thursday, its lowest price since May 2. MCX Gold Aug futures contract trend is looking weak on chart, day traders can sell on rise Major support is seen in range of 26750, 26550 and 26350. While important resistance is seen near 27260. 27450, and 27600. Recommendation - Day traders can sell at 27250 Target 26800 & 26500 SL above 27360. MCX Silver July futures contract is looking weak on chart, day traders can sell on rise Major support is seen in range of 41200, 40700 and 40200 . While important resistance is seen near 42300, 42700 and 43100. Recommendation - Day traders can sell at 42300 Target 41200 & 40700 SL above 42700. 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.

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