Buy MCX Gold; target of Rs 28960: Dani Commodities

Dani Commodities' report on metals & energy

The selling pressure in Gold is likely to continue on the last day of the week*A Fibonacci retracement level was drawn in Gold from lows of Rs 24830 per 10 grams, which Gold tested on 26 June 2013 towards Rs 35074 per 10 grams on 28 August 2013*The retracement level of 50% at Rs 29952 10 grams was already broken by Gold*The 61.8% retracement is now active at Rs 28743 per 10 grams*

MCX GOLD
International: Major Support at USD 1250. Bearish below USD1250.
Domestic: Buy above 28850, Stoploss 28780, Target 28960.

MCX SILVER
International: Major Support at USD19. Bearish below USD19.
Domestic: Buy above 48200, Stoploss 47900, Target 48600

MCX COPPER
Domestic: Buy at 442, Stoploss 440, Target 445.

MCX LEAD
Domestic: Sell at 127, Stoploss 127.50, Target 126.

MCX ZINC
Domestic: Sell at 115, Stoploss 115.5, Target 114.20.

MCX ALUMINIUM
Domestic: Sell at 113.50, Stoploss 114, Target 112.70.

MCX NICKEL
Domestic: Buy at 840, Stoploss 832, Target 848.

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